Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd. agreed to acquire remaining 40% stake in Inner Mongolia Yetian Tieniu Machinery Manufacturing Co., Ltd. from Bao Qinhchun for CNY 12 million.
May 19, 2020
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Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd. (SHSE:603029) agreed to acquire remaining 40% stake in Inner Mongolia Yetian Tieniu Machinery Manufacturing Co., Ltd. from Bao Qinhchun for CNY 12 million on May 18, 2020. The consideration has been paid in full. Bao Qinhchun will go through the tax payment procedures on the day after receiving the share price, and Bao Qinhchun and Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd. (SHSE:603029) shall go through the industrial and commercial change registration on the tax payment day. Post acquisition Shandong Swan CottonIndustrial Machinery Stock Co.,Ltd. (SHSE:603029) will acquire 100% of Inner Mongolia Yetian Tieniu Machinery Manufacturing Co., Ltd. As on March 31, 2020, Inner Mongolia Yetian Tieniu Machinery Manufacturing Co., Ltd. reported Total assets of CNY 104.66 million, owners equity of CNY 4.71 million, revenues of CNY 1.35 million and net profit of CNY-2.56 million.
ShanDong Swan Cotton Industrial Machinery Stock Co., Ltd. is principally engaged in the research and development, production and sales of cotton processing equipment and accessories. The Company's major products are divided into two categories: cotton ginning equipment and cotton peeling equipment. The Company's cotton ginning equipment include cotton ginning machine, seed cotton cleaner and lint cleaning machine. Its cotton peeling equipment is linter. The Company mainly provides integrated solutions, including the treatment of cotton from its harvest, storage, transport to yard, automatic feeding, cleaning, ginning, packing, cotton peeling and peeling cashmere waste recycling, among others.
SHANDONG SWAN COTTONINDUSTRIAL MACHINERY STOCK CO.,LTD. 
