China Tungsten And Hightech Materials Co.,Ltd agreed to acquire HUNAN SHIZHUYUAN NONFERROUS METALS CO,.LTD from Hunan Woxi Mining Industry Investment Co., Ltd. and China Minmetals Tungsten Group Co., Ltd for CNY 7.53 billion.
June 16, 2024
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China Tungsten And Hightech Materials Co.,Ltd (SZSE:000657) agreed to acquire HUNAN SHIZHUYUAN NONFERROUS METALS CO,.LTD from Hunan Woxi Mining Industry Investment Co., Ltd., and China Minmetals Tungsten Group Co., Ltd. for CNY 7.53 billion on January 9, 2024. A cash consideration of CNY 400 million will be paid by China Tungsten And Hightech Materials Co.,Ltd. The consideration consists of 692.85 million common equity of China Tungsten And Hightech Materials Co.,Ltd to be issued for common equity of HUNAN SHIZHUYUAN NONFERROUS METALS CO,.LTD. Transaction is financed through issuance of shares with value totaling at CNY 1.8 billion.
As of March 31, 2024, HUNAN SHIZHUYUAN NONFERROUS METALS CO,.LTD reported total assets of CNY 2.9 billion and total common equity of CNY 1.61 billion. Transaction has already been approved by China Tungsten And Hightech Materials Co.,Ltd's board of director's. transaction is still subject to approval from Shenzhen Stock Exchange and China Securities Regulatory Commission.
Jiang Wenxiang, Qu Da, Yu Zhiqiang, Liu Anyifan of CITIC Securities Company Limited (SHSE:600030) and Liu Sijia, Sun Yong of King & Wood Mallesons, China acted as Financial and legal advisor to China Tungsten And Hightech Materials Co.,Ltd. and Liu Yuke, Luo Hao of Baker Tilly China Certified Public Accountants acted as accountant to HUNAN SHIZHUYUAN NONFERROUS METALS.
China Tungsten and Hightech Materials Co Ltd is a China-based company mainly engaged in the production and sales of cemented carbide and tungsten products. The Company is mainly engaged in the research, development, production, sale and trading of cemented carbide and non-ferrous metals such as tungsten, molybdenum, tantalum, niobium and their deep processing products and equipment. The Company's main products include cutting tools and tools such as integral tools, computer numerical control (CNC) tools, and cutting blades; other cemented carbides such as bars, mining alloys, rolls, special shapes, precision parts, traditional alloys, drilling tools, and finished tools; refractory metals such as tungsten-molybdenum products, tungsten-niobium products, hard facing materials, tungsten wires, as well as tungsten compounds such as tungsten carbide powder, blue tungsten, and yellow tungsten, mixtures, cobalt powder and other powder products.
China Tungsten And Hightech Materials Co.,Ltd agreed to acquire HUNAN SHIZHUYUAN NONFERROUS METALS CO,.LTD from Hunan Woxi Mining Industry Investment Co., Ltd. and China Minmetals Tungsten Group Co., Ltd for CNY 7.53 billion.
CHINA TUNGSTEN AND HIGHTECH MATERIALS CO.,LTD 
