Jiang Jianqiang and Chu Meiya cancelled the acquisition of the remaining 51% stake in Wuxi City Heng Hui Cable Co., Ltd. from Jiangsu Zhongchao Holding Co., Ltd..
January 16, 2021
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Jiang Jianqiang and Chu Meiya agreed to acquire the remaining 51% stake in Wuxi City Heng Hui Cable Co., Ltd. from Jiangsu Zhongchao Holding Co., Ltd. (SZSE:002471) for approximately CNY 140 million on January 17, 2020. An agreement was signed on March 4, 2020. Under the terms of the transaction, Jiang Jianqiang will acquire an additional 26% stake for CNY 71.8 million and Chu Meiya will acquire an additional 25% stake in Wuxi City Heng Hui Cable for CNY 69 million. Upon completion of the transaction, Jiang Jianqiang will own 51% stake and Chu Meiya will own 49% stake in Wuxi City Heng Hui Cable Co., Ltd. As of September 30, 2019, Wuxi City Heng Hui Cable Co., Ltd. had total assets of CNY 733.3 million and total common equity of CNY 362.5 million. The transaction is subject to the approval of the shareholders of Jiangsu Zhongchao Holding Co., Ltd. As on March 4, 2020, Jiangsu Zhongchao's board approved the transaction. The 2nd special shareholders’ meeting of Jiangsu Zhongchao Holding held on March 20, 2020 approved the transaction. As of March 26, 2020, Wuxi City Heng Hui Cable received the notice on the approval of the registration modification and revised business license issued by the Market Supervision Administration of Yixing.
Jiang Jianqiang and Chu Meiya cancelled the acquisition of the remaining 51% stake in Wuxi City Heng Hui Cable Co., Ltd. from Jiangsu Zhongchao Holding Co., Ltd. (SZSE:002471) on January 17, 2021.
Jiangsu Zhongchao Holding CO., LTD., formerly Jiangsu Zhongchao Cable CO., LTD., is a China-based company, principally engaged in the research and development, manufacture and distribution of electric wires and cables, as well as the provision of related services. The Company mainly provides power cables, electric wires and cables for electrical equipment, bare wires, cable materials, cable connectors, magnet wires, metal materials and teapots and fittings. The Company distributes its products within domestic market and to overseas markets.
Jiang Jianqiang and Chu Meiya cancelled the acquisition of the remaining 51% stake in Wuxi City Heng Hui Cable Co., Ltd. from Jiangsu Zhongchao Holding Co., Ltd..