Jinan Innovation City Construction Development Co., Ltd. cancelled the acquisition of 75% stake in Boshen Financing Lease Co., Ltd. from Jinan High-tech Development Co., Ltd..
December 12, 2020
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Jinan Innovation City Construction Development Co., Ltd. agreed to acquire 75% stake in Boshen Financing Lease (Shanghai) Co., Ltd. from Shandong Tyan Home Co., Ltd (SHSE:600807) for approximately CNY 420 million on December 13, 2019. As per terms of consideration, Jinan Innovation City Construction Development Co., Ltd.will pay 60% of the consideration before December 31, 2019, 10% of the consideration before March 31, 2020 and remaining 30% of the consideration after 7 days since completion of change of registry procedures. For the year ended December 31, 2018, Boshen Financing Lease (Shanghai) Co., Ltd. reported total assets of CNY 1.73 billion, net assets of CNY 242.25 million, operating revenue of CNY 75.69 million and net profit of CNY 11.15 million. The transaction was approved by the board of directors of Shandong Tyan Home Co., Ltd.
Jinan Innovation City Construction Development Co., Ltd. cancelled the acquisition of 75% stake in Boshen Financing Lease (Shanghai) Co., Ltd. from Jinan High-tech Development Co., Ltd. (SHSE:600807) on December 13, 2020.
Jinan High Tech Development Co Ltd, formerly Shandong Tyan Home Co Ltd, is mainly engaged in the real estate development and mining businesses. Real Estate Development segment is involved in land acquisition, planning and design, construction and development and sales operations. The Company is mainly involved in the development of residential and commercial real estate projects in Shandong province, China. Mining segment is involved in the exploration, development and dressing of gold and other precious metals, as well as the sale of ores. The Company is also engaged in the business operation of property leasing and management.
Jinan Innovation City Construction Development Co., Ltd. cancelled the acquisition of 75% stake in Boshen Financing Lease Co., Ltd. from Jinan High-tech Development Co., Ltd..