JiangSu Zhenjiang New Energy Equipment Co., Ltd. completed the acquisition of 63.04% stake in Shanghai Detroit Precision Fastener Co., Ltd. from Qiesite Technology Co., Ltd, Shanghai Aokelan Investment Management Partnership Enterprise (Limited Partnership), Long Chunzhe and Gu Maozhong.
January 20, 2019
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JiangSu Zhenjiang New Energy Equipment Co., Ltd. (SHSE:603507) signed an investment letter of agreement to acquire 63.04% stake in Shanghai Detroit Precision Fastener Co., Ltd. from Qiesite Technology Co., Ltd, Shanghai Aokelan Investment Management Partnership Enterprise (Limited Partnership), Long Chunzhe and Gu Maozhong on August 6, 2018. As of September 18, 2018, an equity transfer framework agreement was signed. JiangSu Zhenjiang New Energy Equipment Co., Ltd. signed a share transfer agreement to acquire 63.04% stake in Shanghai Detroit Precision Fastener Co., Ltd. from Qiesite Technology Co., Ltd, Shanghai Aokelan Investment Management Partnership, Long Chunzhe and Gu Maozhong for approximately CNY 190 million on November 7, 2018. As per the terms of transaction JiangSu Zhenjiang New Energy Equipment will acquire 33.01 million shares in Shanghai Detroit Precision Fastener. The consideration payment will be done in 4 installments. A first installment of 50% of the transactional price to be paid within 5 days since completion of delivery of underlying equity, second installment of 10% of the price to be paid within 30 days since the publication of the financial statement of Shanghai Detroit Precision Fastener for the year of 2018, third installment of 20% of the price to be paid within 30 days since the publication of the financial statement of Shanghai Detroit Precision Fastener for the year of 2019. A fourth installment of 20% of the price to be paid within 30 days since the publication of the financial statement of Shanghai Detroit Precision Fastener for the year of 2020.
The transaction was approved by the Board of Directors of JiangSu Zhenjiang New Energy Equipment Co., Ltd. on November 7, 2018.
JiangSu Zhenjiang New Energy Equipment Co., Ltd. (SHSE:603507) completed the acquisition of 63.04% stake in Shanghai Aokelan Investment Management Partnership Enterprise (Limited Partnership). from Qiesite Technology Co., Ltd, Shanghai Aokelan Investment Management Partnership, Long Chunzhe and Gu Maozhong on January 21, 2019.
JiangSu Zhenjiang NewEnergy Equipment Co., Ltd. is a China-based company principally engaged in the design, processing and sale of wind power equipment and photovoltaic equipment components. The Companyâs main products include nacelles, rotors, stator segments and other wind turbine equipment, as well as fixed and adjustable photovoltaic supports, tracking photovoltaic supports and other photovoltaic equipment products. The Company's products are used in wind power generation equipment and ground photovoltaic power generation systems. The Company distributes its products in domestic market and to overseas markets.
JiangSu Zhenjiang New Energy Equipment Co., Ltd. completed the acquisition of 63.04% stake in Shanghai Detroit Precision Fastener Co., Ltd. from Qiesite Technology Co., Ltd, Shanghai Aokelan Investment Management Partnership Enterprise (Limited Partnership), Long Chunzhe and Gu Maozhong.
JIANGSU ZHENJIANG NEW ENERGY EQUIPMENT CO., LTD. 
