Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. completed the acquisition of 30% stake in Kennede Electronics MFG. CO., LTD. from Jiang Xiaorong.
January 09, 2018
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Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. agreed to acquire 30% stake in Kennede Electronics MFG. CO., LTD. (SZSE:002723) from Jiang Xiaorong for CNY 1.1 billion on October 20, 2017. As per terms, 55.99 million shares will be acquired at CNY 20 per share. Post completion, Jiang Xiaorong will hold 7.53% stake in Kennede Electronics MFG. CO., LTD. Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. will finance the consideration from loans of CNY 672 million and self-owned capital of CNY 447.8 million. This transaction needs to be reviewed by Shenzhen Stock Exchange for regulation compliance.
Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. completed the acquisition of 30% stake in Kennede Electronics MFG. CO., LTD. (SZSE:002723) from Jiang Xiaorong on January 10, 2018.
Kennede Electronics Mfg Co Ltd is a China-based company mainly engaged in the production and sales of small household appliances. The Company conducts its businesses through four segments. The Household Appliances segment is mainly engaged in the production and sales of rechargeable lighting fixtures, rechargeable AC and DC fans, as well as environmental appliances, disinfection appliances, personal care appliances, kitchen appliances and other small healthy household appliances. The Engineering segment is mainly engaged in the construction of municipal public works, housing construction projects, highway projects, water conservancy and hydropower projects, and environmental protection projects. The E-commerce Sales segment is mainly engaged in the online sales of goods. The Other segment is mainly engaged in the investment business and other businesses.
Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. completed the acquisition of 30% stake in Kennede Electronics MFG. CO., LTD. from Jiang Xiaorong.