Yueyang Guansheng Agricultural Technology Co., Ltd. signed a share transfer agreement to acquire a 15.13% stake in Hunan Zhenghong Science and Technology Develop Co.,Ltd. (SZSE : 000702) from Yueyang Quyuan Farms Co., Ltd. for approximately CNY 200 million on June 17, 2022. Yueyang Guansheng will pay 30% of transfer price within 5 working days from the agreement becomes effective and remaining amount within 5 working days from the Shenzhen Stock Exchange and the Securities Registration and Clearing InstitutionsÆ compliance confirmation. Pursuant to transaction, Yueyang Guansheng will pay CNY 5.04 cash per share for 40,341,811 shares of Hunan Zhenghong Science and Technology Develop Co.
As per update on June 22, 2022, Board of Directors of Yueyang Guansheng Agricultural Technology Co., Ltd and Yueyang Quyuan Farms Co., Ltd. has approved the transaction while approval from their respective shareholders is still pending. Transaction still needs to obtain approval from state-owned assets regulatory authority and Anti-monopoly Bureau of the State Administration for Market Regulation. As of August 1, 2022 Regulatory board approved the deal. CITIC Securities Company Limited (SHSE:600030) and Qiyuan Law Firm acted as financial and legal advisors to Hunan Zhenghong Science and Technology Develop Co.,Ltd. respectively.
Yueyang Guansheng Agricultural Technology Co., Ltd. completed the acquisition of a 15.13% stake in Hunan Zhenghong Science and Technology Develop Co.,Ltd. (SZSE:000702) from Yueyang Quyuan Farms Co., Ltd. on November 14, 2022. As on August 26, 2022, Transaction has been approved by state-owned assets regulatory authority and Anti-monopoly Bureau of the State Administration for Market Regulation.