Hubei Huarong Holding Co.,Ltd. signed the Reorganization Intention Agreement to acquire Shanghai Outdo Biotech Co., Ltd. from Shanghai Biochip Co., Ltd., Yinzhou City Construction Investment Devp Co,.Ltd, Tianjin Zhike Biotechnology Partnership (Limited Partnership) and Shanghai Qianxin Enterprise.
December 28, 2021
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Hubei Huarong Holding Co.,Ltd. (SHSE:600421) signed the Reorganization Intention Agreement to acquire Shanghai Outdo Biotech Co., Ltd. from Shanghai Biochip Co., Ltd., Yinzhou City Construction Investment Devp Co,.Ltd, Tianjin Zhike Biotechnology Partnership (Limited Partnership) and Shanghai Qianxin Enterprise on December 14, 2021. The consideration will be paid in stocks. As of December 29, 2021, Hubei Huarong Holding Co., Ltd. intends to terminate the acquisition of Shanghai Outdo Biotech Co., Ltd. from Shanghai Biochip Co., Ltd., Yinzhou City Construction Investment Devp Co,.Ltd, Tianjin Zhike Biotechnology Partnership (Limited Partnership) and Shanghai Qianxin Enterprise. The termination needs to be reviewed and approved by the Hubei Huarong's relevant procedures and the board of the directors. Hubei Huarong will promptly disclose relevant announcements on the termination of this reorganization. Guosheng Securities Co., Ltd. acted as financial advisor, Lixin Zhonglian Certified Public Accountants acted as accountant, China United Assets Appraisal Group Co., Ltd. acted as due diligence provider and Freetech Law Firm acted as legal advisor to Hubei Huarong.
Hubei Huarong Holding Co Ltd, formerly Hubei Yangfan Holding Co Ltd, is a China-based company that is mainly engaged in the production and sales of molds, mold tables and various tooling shelves for precast concrete (PC) components in housing construction. The Company mainly conducts its businesses in the China market.