Qianhe Condiment and Food Co., Ltd. cancelled the acquisition of Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. and Zhenjiang Hengkang Condiment Factory and assets from Cai Xiaohai, Cai Jianhui, Zhang Jinlin, Cai Zhengfei, Zhang Yuxia, Zhenjiang Hengkang Condiment Factory and others.
June 15, 2020
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Qianhe Condiment and Food Co., Ltd. (SHSE:603027) signed a framework agreement to acquire Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. and Zhenjiang Hengkang Condiment Factory and assets from Cai Xiaohai, Cai Jianhui, Zhang Jinlin, Cai Zhengfei, Zhang Yuxia, Zhenjiang Hengkang Condiment Factory and others on June 16, 2019. Under the terms of transaction, Qianhe Condiment and Food Co., Ltd. will acquire 20.40% stake from Cai Xiaohai, 24.20% stake from Cai Jianhui, 20.30% stake from Zhang Jinlin, 22.20% stake from Cai Zhengfei and 12% stake from Zhang Yuxia and 0.9% stake from Zhenjiang Hengkang Condiment Factory.
As of August 27, 2019, Qianhe Condiment and Food Co., Ltd shall pay CNY 150.23 million for the acquisition of Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. For the year ended December 31, 2019, Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. had total assets of CNY 11.2 million, net assets of CNY 10.9 million, revenue of CNY 1.8 million and net profit of CNY 0.05 million; and Zhenjiang Hengkang Condiment Factory and assets had total assets of CNY 12.9 million, net assets of CNY 6.9 million, revenue of CNY 20.7 million and net profits of CNY 0.54 million. The transaction has been approved by the Board of Qianhe Condiment and Food Co., Ltd.
Qianhe Condiment and Food Co., Ltd. (SHSE:603027) cancelled the acquisition of Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. and Zhenjiang Hengkang Condiment Factory and assets from Cai Xiaohai, Cai Jianhui, Zhang Jinlin, Cai Zhengfei, Zhang Yuxia, Zhenjiang Hengkang Condiment Factory and others on June 16, 2020.
Qianhe Condiment and Food Co Ltd is a China-based company mainly engaged in the research and development, production and sales of condiments such as soy sauce, vinegar and cooking wine. The Company's condiments, such as soy sauce and vinegar, use the trademark Qianhe and are mainly used in cooking at home and in catering businesses. The Company's products include soy sauce, vinegar, cooking wine and other products mainly caramel color, seasoning, sesame oil, oyster sauce and so on. The Company conducts its business in the domestic market.
Qianhe Condiment and Food Co., Ltd. cancelled the acquisition of Zhenjiang Hengkang Sauce & Vinegar Co., Ltd. and Zhenjiang Hengkang Condiment Factory and assets from Cai Xiaohai, Cai Jianhui, Zhang Jinlin, Cai Zhengfei, Zhang Yuxia, Zhenjiang Hengkang Condiment Factory and others.
QIANHE CONDIMENT AND FOOD CO., LTD. 
