Su Huan cancelled the acquisition of 6% stake in Hunan Baili Engineering Sci&Tech Co.,Ltd from Tibet Xinhai New Venture Capital Co., Ltd.
October 28, 2021
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Su Huan agreed to acquire 6% stake in Hunan Baili Engineering Sci&Tech Co.,Ltd (SHSE:603959) from Tibet Xinhai New Venture Capital Co., Ltd. for CNY 520 million on September 14, 2021. In a related transaction the controlling shareholder sells another 5% stake in Hunan Baili Engineering Sci&Tech Co.,Ltd. Su Huan will acquire 29.4 shares at CNY 17.52 per share. The payment arrangement is: The first share transfer price is CNY 100 million, and the transferee shall make a lump-sum payment to the bank account designated by the transferor within the next working day after obtaining the Shanghai Stock Exchange's compliance review confirmation letter. The second share transfer price of CNY 150 million shall be paid by the transferee in one lump sum to the bank account designated by the transferor within 5 working days from the transfer date of the share transfer. The third share transfer price is CNY 265.4 million and the transferee shall make a lump-sum payment to the bank account designated by the transferor before December 31, 2022.
Su Huan cancelled the acquisition of 6% stake in Hunan Baili Engineering Sci&Tech Co.,Ltd (SHSE:603959) from Tibet Xinhai New Venture Capital Co., Ltd. on October 29, 2021. The reason being non payment of the consideration.
Hunan Baili Engineering Sci & Tech Co Ltd is a company mainly providing engineering general contract services. The Company's businesses include engineering general contract, engineering consulting and design, as well as sales of lithium battery equipment. The engineering general contract business mainly provides related services in petrochemical industry, and its modes include engineering procurement construction (EPC), engineering procurement construction management (EPCM). The engineering consulting and design business provides the clients with engineering consulting services, design documents, design papers and other design related services. The lithium battery equipment business is engaged in the production and sales of equipment used for manufacturing lithium batteries, including intelligent feeding systems and high vacuum drying systems. The Companyâs services are mainly used in petrochemical, lithium battery materials and hydrogen fuel cell materials industries.