Huasheng Baili Investment Development Co., Ltd. completed the acquisition of 10.95% stake in Shandong Tongda Island New Materials Co., Ltd. from Shandong Tongda Group Co., Ltd.
August 23, 2016
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Huasheng Baili Investment Development (Beijing) Co., Ltd. signed an agreement to acquire 10.95% stake in Shandong Tongda Island New Materials Co., Ltd. from Shandong Tongda Group Co., Ltd. for approximately CNY 300 million on July 9, 2016. Under the terms of the transaction, Huasheng Baili Investment Development (Beijing) will acquire 9.7 million shares at CNY 31.23 per share. As a result of the transaction, Shandong Tongda Group Co., Ltd.’s stake will decrease to 32.86% from 43.81%.
Huasheng Baili Investment Development (Beijing) Co., Ltd. completed the acquisition of 10.95% stake in Shandong Tongda Island New Materials Co., Ltd. from Shandong Tongda Group Co., Ltd. on August 24, 2016.
Shandong Tongda Island New Material Co Ltd is a China-based company principally engaged in the research, development, manufacturing, and sales of ultra-fiber man-made leather. The Company's main products include ultra-fiber suede leather, ultra-fiber smooth leather, ultra-fiber base fabric, and others. The Company's products are mainly used in footwear, sofa, home furnishings, sporting goods, engineering decorations, automotive interiors, handbags, cases, and apparels, among others. The Company distributes its products in the domestic market and to overseas markets.
Huasheng Baili Investment Development Co., Ltd. completed the acquisition of 10.95% stake in Shandong Tongda Island New Materials Co., Ltd. from Shandong Tongda Group Co., Ltd.
SHANDONG TONGDA ISLAND NEW MATERIALS CO.,LTD. 
