A group of buyers completed the acquisition of 51.4% stake in Jiangsu Chang'o Sports Development Co., Ltd. from Ningbo Fubang Jingye Group Co.,Ltd.
May 11, 2021
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Changzhou 30qi Venture Capital Partnership (Limited Partnership), Changzhou Canxing Industrial Investment Fund Partnership (Limited Partnership), Jiangsu Grand Canal (Changzhou) Cultural Tourism Development Fund (Limited Partnership), Changzhou Jiujiu Venture Capital Partnership (Limited Partnership) and Changzhou Green Fengyungang Investment Center (Limited Partnership) agreed to acquire 51.4% stake in Jiangsu Chang'o Sports Development Co., Ltd. from Ningbo Fubang Jingye Group Co.,Ltd (SHSE:600768) for approximately CNY 130 million on April 5, 2021. Under the terms, Changzhou 30qi Venture Capital Partnership, Changzhou Canxing Industrial Investment Fund Partnership, Jiangsu Grand Canal (Changzhou) Cultural Tourism Development Fund, Changzhou Jiujiu Venture Capital Partnership and Changzhou Green Fengyungang Investment Center will pay CNY 39 million, CNY 25 million, CNY 25 million, CNY 20 million and CNY 20 million. The balance sheet items of Jiangsu Chang'o Sports Development as on October 31, 2020, total assets of CNY 108.5 million and net assets of CNY 78.61 million. The transaction is subject to approval of shareholders and is approved by the Board of Directors of Ningbo Fubang Jingye Group. As on April 22, 2021, Ningbo Fubang Jingye Group Co., Ltd shareholders approved the transaction.
Changzhou 30qi Venture Capital Partnership (Limited Partnership), Changzhou Canxing Industrial Investment Fund Partnership (Limited Partnership), Jiangsu Grand Canal (Changzhou) Cultural Tourism Development Fund (Limited Partnership), Changzhou Jiujiu Venture Capital Partnership (Limited Partnership) and Changzhou Green Fengyungang Investment Center (Limited Partnership) completed the acquisition of 51.4% stake in Jiangsu Chang'o Sports Development Co., Ltd. from Ningbo Fubang Jingye Group Co.,Ltd (SHSE:600768) on May 12, 2021. As of May 7, 2021, Ningbo Fubang Jingye Group Co.,Ltd (SHSE:600768) received the full transfer payments of CNY 129 million.
NINGBO FUBANG JINGYE GROUP CO., LTD. is a China-based company principally engaged in the processing and sales of non-ferrous metals, such as industrial aluminum strip and aluminum profile. The Company is also engaged in the provision of warehousing and other processing services. The Company mainly distributes its products in China.