Puyang Huicheng Electronic Material Co., Ltd. completed the acquisition of Shandong Qingyang New Material Co., Ltd. from Shi Tugen and Xu Wenwen.
January 02, 2020
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Puyang Huicheng Electronic Material Co., Ltd. (SZSE:300481) agreed to acquire Shandong Qingyang New Material Co., Ltd. from Shi Tugen and Xu Wenwen for CNY 70 million on December 11, 2019. Puyang Huicheng Electronic Material Co., Ltd. signed an agreement to acquire Shandong Qingyang New Material Co., Ltd. from Shi Tugen and Xu Wenwen on December 12, 2019. Payment will be done in 3 installments. 1st installment of 50% of the price payable within 15 days since completion of change of registry procedures, 2nd installment of 30% of the price payable within 3 months since delivery of underlying equity and a 3rd installment of 20% of the price payable within 6 months since delivery of underlying equity. Shi Tugen will sell 94.57% and Xu Wenwen will sell 5.43% stake in Shandong Qingyang New Material. Shandong Qingyang New Material reported total assets of CNY 62.3 million and net assets of CNY 17.8 million as of December 31, 2018 and reported revenues of CNY 104.9 million and net profit of CNY 4.6 million for the year ended December 31, 2018. The transaction approved by the Board of Puyang Huicheng Electronic Material Co., Ltd.
Puyang Huicheng Electronic Material Co., Ltd. (SZSE:300481) completed the acquisition of Shandong Qingyang New Material Co., Ltd. from Shi Tugen and Xu Wenwen on January 3, 2020.
Puyang Huicheng Electronic Material Co.,Ltd is a China-based company principally engaged in the research and development, manufacture and sale of anhydride maleic anhydride derivatives, fluorene and other fine chemicals. The Company's main products include Tetrahydrophthalic Anhydride, Hexahydrophthalic Anhydride, Methyl Tetrahydrophthalic Anhydride and carbic anhydride, among others. The Company's anhydride maleic anhydride derivatives are mainly used for epoxy resin curing and the synthesis of polyester resin and alkyd resin. The Companyâs products are applied in electronic component encapsulation, electrical equipment insulation materials, coatings, composite materials, photolectric material and pharmaceutical intermediates. The Company distributes its products in domestic market and to overseas markets.
PUYANG HUICHENG ELECTRONIC MATERIAL CO., LTD. 
