Sichun Te Qu Education Management Co., Ltd. entered into an agreement to acquire 2% stake in Gifore Agricultural Science & Technology Service Co., Ltd. from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership approximately CNY 34.2 million.
September 15, 2020
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Sichun Te Qu Education Management Co., Ltd. entered into an agreement to acquire 6.02% stake in Gifore Agricultural Science & Technology Service Co., Ltd. (SZSE:300022) from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership for approximately CNY 120 million on August 29, 2020. Under the terms, Sichun Te Qu Education Management Co., Ltd. acquires 22,892,649 shares in Gifore Agricultural Science & Technology Service Co., Ltd.
Sichun Te Qu Education Management Co., Ltd. entered into a revised agreement to acquire 2% stake in Gifore Agricultural Science & Technology Service Co., Ltd. from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership for approximately CNY 34.2 million on February 23, 2021. Sichun Te Qu will be acquire 7.6 million shares at a price of CNY 4.5 per share.
Sichun Te Qu has paid a deposit of CNY 20 million to Wang Xinming in accordance with the "Original Share Transfer Agreement". After the signing of this supplementary agreement, the CNY 10 million of the aforementioned deposit will automatically be transferred as part of the transfer consideration. The CNY 10 million is transferred to Wang Xinming to borrow from Sichun Te Qu. The loan period is two years from the date when the transfer is fully completed. The first year is free of interest, and the second year is calculated at an annualized interest rate of 6%. Principal and interest.
On September 15, 2020, Gifore received “Decision on No Implementation of Further Review on Business Concentration Anti-monopoly” issued by the State Administration for Market Regulation, deciding to do no further reviews on this transaction.
Gifore Agricultural Science & Technology Service Co Ltd, formerly Gifore Agricultural Machinery Chain Co Ltd, is a China-based company mainly engaged in the circulation of agricultural machinery. The Company mainly has two major businesses: agricultural machinery chain sales services and specialty agricultural machinery research and development (R&D) and manufacturing business. There are two main business models for agricultural machinery chain sales services: direct chain sales model and agency sales model. The specialty agricultural machinery R&D and manufacturing business mainly develops, produces and manufactures no-till finger-clip precision fertilization seeders, no-till air suction, air-blown precision fertilization seeders, multi-function precision seeders, subsoiling soil preparation machines, disc harrows and other products.
Sichun Te Qu Education Management Co., Ltd. entered into an agreement to acquire 2% stake in Gifore Agricultural Science & Technology Service Co., Ltd. from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership approximately CNY 34.2 million.