Hunan Fazhan Industrial Co., Ltd. cancelled the acquisition of Hunan Development Group Jiuhua Urban Construction Investment Co., Ltd. from Hunan Development and Investment Group Co., Ltd.
January 08, 2013 at 11:00 pm EST
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Hunan Fazhan Industrial Co., Ltd. agreed to acquire Hunan Development Group Jiuhua Urban Construction Investment Co., Ltd. from Hunan Development and Investment Group Co., Ltd. for approximately CNY 640 million in stock on January 9, 2012. Hunan Fazhan plans to issue approximately 77.98 million shares at the issue price which will not be less than the average price during the 20 trading days before January 9, 2012, that is not less than CNY 8.23 per share. The transaction has been approved by the Board of Hunan Development and Investment Group Co., Ltd. Donghai Securities Co. Ltd. acted as a financial advisor to Hunan Fazhan Industrial Co., Ltd.
Hunan Fazhan Industrial Co., Ltd. cancelled the acquisition of Hunan Development Group Jiuhua Urban Construction Investment Co., Ltd. from Hunan Development and Investment Group Co., Ltd. on January 9, 2013.
Hunan Development Group Co Ltd is a China-based company principally engaged in the clean energy, natural resources, and medical and health-related businesses. The Company primarily operates its businesses through five segments. The Investment Management segment is mainly engaged in equity investment, mergers and acquisitions and other businesses. The Clean Energy segment is mainly engaged in the investment, development, construction, operation, and management of clean energy projects such as hydropower and photovoltaic power generation. The Natural Resources segment is mainly engaged in the sales of river sand, river pebbles, gravel and other products. The Medical Care and Health segment is mainly engaged in community home care, government-purchased home care, smart care information platform and related businesses. The Service Industry and Other segment is mainly engaged in hotel operation, property management, and self-owned house leasing.
Hunan Fazhan Industrial Co., Ltd. cancelled the acquisition of Hunan Development Group Jiuhua Urban Construction Investment Co., Ltd. from Hunan Development and Investment Group Co., Ltd.
HUNAN DEVELOPMENT GROUP CO., LTD. 
