Huatai Securities Asset Management Company Ltd. cancelled the acquisition of 6.03% stake in Saimo Electric Co., Ltd. from Li Ran, Wang Qian, and Jiangsu Saimo Technology Co., Ltd.
March 26, 2020
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Huatai Securities (Shanghai) Asset Management Company Ltd. signed a share transfer agreement to acquire 6.03% stake in Saimo Electric Co., Ltd. (SZSE:300466) from Li Ran, Wang Qian, and Jiangsu Saimo Technology Co., Ltd. for approximately CNY 200 million on March 27, 2019. Under the terms, 33.3 million shares will be acquired at CNY 6 per share. Li Ran will sell 15.3 million shares (2.8% stake), Jiangsu Saimo Technology Co., Ltd. will sell 7.8 million shares (1.4% stake) and Wang Qian will sell 10.2 million shares (1.9% stake). Upon completion, Li Ran’s stake in Saimo Electric Co., Ltd. will decrease from 11.1% to 8.3%, Jiangsu Saimo Technology Co., Ltd.’s stake in Saimo Electric Co., Ltd. will decrease from 7.8% to 6.4% and Wang Qian’s stake in Saimo Electric Co., Ltd. will decrease from 7.4% to 5.5%.
Huatai Securities (Shanghai) Asset Management Company Ltd. cancelled the acquisition of 6.03% stake in Saimo Electric Co., Ltd. (SZSE:300466) from Li Ran, Wang Qian, and Jiangsu Saimo Technology Co., Ltd. on March 27, 2020.
Saimo Technology Co Ltd, formerly Saimo Electric Co Ltd, is principally engaged in the research and development, manufacturing and sales of measurement and inspection equipment for coal and other mineral materials. Its major measurement equipment is belt weigher, including electronic belt weighers, weighing type coal feeders and weighing feeders. The inspection equipment mainly comprises of mechanical automated inspection device. The Company's products are used in electricity, steel, chemicals, cement materials, ports and other industries.
Huatai Securities Asset Management Company Ltd. cancelled the acquisition of 6.03% stake in Saimo Electric Co., Ltd. from Li Ran, Wang Qian, and Jiangsu Saimo Technology Co., Ltd.