Baiyang Investment Group, Inc. cancelled the acquisition of additional 17.6% in Risheng Marine Resources Development Co., Ltd. and remaining 20% in Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. from Rongcheng Risheng Aquatic Products Co., Ltd. and Beijing Fusheng Hengyuan Investment Management Co., Ltd.
September 29, 2020
Share
Baiyang Investment Group, Inc. (SZSE:002696) signed an agreement to acquire additional 17.6% in Risheng Marine Resources Development Co., Ltd. and remaining 20% in Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. from Rongcheng Risheng Aquatic Products Co., Ltd. and Beijing Fusheng Hengyuan Investment Management Co., Ltd. for CNY 97.5 million on September 30, 2019. The consideration for the respective 17.6% and 20% are CNY 62.5 million and CNY 35 million. As per terms, Baiyang Investment Group, Inc. will acquire 12.9% and 14.7% of Risheng Marine Resources Development Co., Ltd. and Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. respectively from Rongcheng Risheng Aquatic Products Co., Ltd. and 4.7% and 5.6% of Risheng Marine Resources Development Co., Ltd. and Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. from Beijing Fusheng Hengyuan Investment Management Co., Ltd.
For the year ended December 31, 2018, Risheng Marine Resources Development Co., Ltd. reported total assets of CNY 21.6 million, net assets of CNY 161.3 million, revenues of CNY 220 million, operating profit of CNY 31.8 million and net profit of CNY 31.04 million. For the same year Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. reported total assets of CNY 168.6 million, net assets of CNY 86.4 million, revenues of CNY 44.9 million, operating loss of CNY 4.6 million and net loss of CNY 4.4 million. The Board of Directors of Baiyang Investment Group, Inc. on September 30, 2019 approved the transaction.
Baiyang Investment Group, Inc. (SZSE:002696) cancelled the acquisition of additional 17.6% in Risheng Marine Resources Development Co., Ltd. and remaining 20% in Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. from Rongcheng Risheng Aquatic Products Co., Ltd. and Beijing Fusheng Hengyuan Investment Management Co., Ltd. on September 30, 2020.
BAIYANG INVESTMENT GROUP, INC. is a China-based company principally engaged in the manufacture and distribution of feed and feed ingredients, as well as tilapia product processing. Its feed products mainly include fish feed products, shrimp feed products and livestock and poultry products, as well as fishmeal, fish oil and rice bran products. The Company is also engaged in education and culture business. The Company conducts its businesses in domestic and overseas markets.
Baiyang Investment Group, Inc. cancelled the acquisition of additional 17.6% in Risheng Marine Resources Development Co., Ltd. and remaining 20% in Guangxi Xianghe Shunyuan Ocean Fishing Co., Ltd. from Rongcheng Risheng Aquatic Products Co., Ltd. and Beijing Fusheng Hengyuan Investment Management Co., Ltd.
BAIYANG INVESTMENT GROUP, INC. 
