Hainan Shennong Technology Co., Ltd. cancelled the acquisition of 51% stake in Hainan Baolu Aquatic Technology Co., Ltd. from Hainan Lülan Biotechnology Co., Ltd.
November 24, 2022
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Hainan Shennong Technology Co., Ltd. (SZSE:300189) intends to acquire 51% stake in Hainan Baolu Aquatic Technology Co., Ltd. from Hainan Lülan Biotechnology Co., Ltd. on June 28, 2022. The consideration shall be payable through combination of cash and share issuance. Hainan Shennong Technology Co., Ltd. shall pay 55% of consideration through share issuance while remaining 45% payable through cash. The cash portion of the transaction will be financed through funds raised by Hainan Shennong Technology Co., Ltd. through private placement. As of March 31, 2022, Hainan Baolu Aquatic Technology Co., Ltd. has reported total assets of CNY 92.92 million and net assets of CNY 72.96 million. The transaction still needs approvals from board of directors after audit evaluation,shareholders of Hainan Shennong Technology Co., Ltd, Shenzhen Stock Exchange and China Securities Regulatory Commission. The transaction has been approved by the Board of Directors of Hainan Shennong Technology Co., Ltd. and shareholders of Hainan Lülan Biotechnology Co., Ltd.
Hainan Shennong Technology Co., Ltd. (SZSE:300189) cancelled the acquisition of 51% stake in Hainan Baolu Aquatic Technology Co., Ltd. from Hainan Lülan Biotechnology Co., Ltd. on November 25, 2022. The board of Hainan Shennong Technology has approved the termination of deal.
Hainan Shennong Technology Co., Ltd., formerly Hainan Shennong Gene Technology Co., Ltd, is a China-based company principally involved in the breeding, production and sales of hybrid rice seeds, as well as the provision of the related technical services. The Company mainly provides hybrid rice seeds, corn seeds, vegetable seeds, melon and fruit seeds, as well as cotton seeds, among others. The Company is also engaged in the provision of supply chain services such as commodities and electronic components. The Company operates its businesses primarily in Mainland China.