On the evening of October 20, Ningbo Changhong Polymer Technology Co., Ltd. (Changhong Hi-Tech) announced that the company originally planned to purchase 100% equity of Guangxi Changke New Materials Co., Ltd. by paying cash. Affected by recent changes in the market environment and other factors, the conditions for this transaction have changed significantly. After multiple rounds of communication and negotiations, the company and the counterparty failed to reach an agreement on the core transaction conditions in the transaction plan. After careful consideration, the company will temporarily We will not continue to advance related matters and decide to terminate the planning of this major asset reorganization.
On September 1, Changhong Hi-Tech released a major asset purchase plan. Guangxi Changke (the target company) is a company controlled by Tao Chunfeng, the actual controller of the listed company Changhong Hi-Tech. The listed company plans to purchase 100.00% of the equity of the target company it holds from the counterparty in cash.
Guangxi Changke is the largest bulk-method ABS resin manufacturer in China. It uses bulk-method ABS
The process benefits from its advantages of low energy consumption and low emissions, which is more in line with national policies and industry development directions. At the same time, Guangxi Changke is strategically located and has a self-built terminal. The asset restructuring is expected to become a bridgehead for Changhong Hi-Tech to expand into the Southeast Asian market. The restructuring plan is designed to bring new growth opportunities and business expansion to the company.
Currently, the shareholders of Guangxi Changke are Ningbo Hengyun Energy, with a shareholding ratio of 47.15%; Guangxi Guangtou Keyuan, with a shareholding ratio of 46.14%; Guangxi Guangtou Changke, with a shareholding ratio of 6.71%. Hengyun Energy and Guangtou Changke negotiated to transfer their 6.71% stake in the target company before the draft report of this major asset purchase was submitted to the board of directors. Therefore, the final counterparties of this transaction were Hengyun Energy and Guangtou Keyuan.
It is worth noting that Changhong Hi-Tech did not choose to issue shares to pay the consideration for its acquisition of Guangxi Changke, but paid in cash. As of June 30, Changhong Hi-Tech had only 372 million yuan in monetary funds on its books, which may not be enough to pay the cash consideration compared with the total assets and net assets of the target company. The announcement also did not disclose the transaction price of the “packaged” acquisition of relevant equity. This “surprise acquisition” matter also attracted the attention of the Shanghai Stock Exchange, and it was unable to respond to the inquiry letter after two delays.
The “Inquiry Letter” mainly focuses on this transaction and the subject matter itself. Regarding this transaction, the first is the series of equity changes before the transaction. The Shanghai Stock Exchange hopes to obtain more relevant information. In addition, Changhong Hi-tech has inquired about the 1.2 billion fixed increase for the actual controller that it has previously approved and whether this acquisition constitutes a package deal. Why it did not complete the target acquisition through a fixed increase, and this is currently the most popular one among the outside world. One of the issues of concern. Because if the above actions constitute a package deal, Tao Chunfeng, the actual controller of the company, is likely to shorten the lock-up period by half, which is very eye-catching in the current tightening environment for executives to lift bans.
Regarding the possible impact of this termination of the transaction, the company stated that this was a decision made after careful study. The termination of this major asset restructuring is still in the planning stage. Terminating the planning of this major asset restructuring will not have any impact on the company’s operating performance. It will not affect the company’s normal operations and will not harm the interests of the company and its small and medium-sized shareholders.
Changhong Hi-Tech stated that the company will always build high-end TPES + green and low-carbon
PBAT’s “two-wheel drive” model is firmly optimistic about the future development of the degradable industry. The degradable plastic business is in line with the general direction of national and social development and has broad development prospects and vitality. PBAT
It has become the world’s recognized fully biodegradable material with the best comprehensive performance and the most widely used variety of biodegradable plastics. We expect there will be substantial development in the next 3 to 5 years.
微信扫一扫打赏
