echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Inorganic Chemistry Topics > Inorganic Chemistry Project > Zhongke Electric intends to acquire 97.6547% equity in Star City Graphite for 490 million yuan

    Zhongke Electric intends to acquire 97.6547% equity in Star City Graphite for 490 million yuan

    • Last Update: 2022-02-24
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com
    On the morning of the 23rd, Zhongke Electric disclosed a major asset restructuring plan.
    The company intends to purchase 97.
    6547% equity in Star City Graphite from 13 trading partners including Dangsheng Technology, Zenglushan, and Shenzhen Venture Capital by issuing shares and paying cash.
    488,273,400 yuan, of which 60.
    06% of the overall transaction consideration was paid by way of issuance of shares, and 39.
    94% of the overall transaction consideration was paid by cash
    .
    The cash consideration and intermediary agency fees related to this transaction will be paid by the listed company with the excess funds raised during the initial public offering
    .
    The issuance price of the shares to purchase assets is 11.
    66 yuan per share, and 25,149,279 shares will be issued
    .
    Star City Graphite was listed in the stock transfer system, and its main business was lithium electronic battery anode materials, carbon products, graphite mineral products, carbon fiber materials, graphene materials, and carbon-based composite materials
    .
    The counterparties Zeng Lushan, Luo Xinhua, Pi Tao, Stan Investment, Huang Yuehua and Liu Yating promised that Star City Graphite's audited net profit attributable to the parent company after deducting non-recurring gains and losses in 2016, 2017 and 2018 shall not be less than 3.
    5 million, respectively If the cumulative actual net profit at the end of the profit commitment period is lower than the cumulative committed net profit at the end of the current period, the listed company will be compensated in accordance with the "Profit Commitment and Compensation Agreement"
    .
    According to Zhongke Electric, in recent years, due to the overcapacity of the company's downstream steel industry and the decline in investment in fixed assets in the steel industry, the company's orders have fallen, and the progress of sales collection has slowed down.
    Risk
    .
    This time, through the proposed acquisition of the equity of Star City Graphite, the company's business sector will be extended to the fields of new energy and new materials.
    Star City Graphite has a strong market competitive advantage, has a large industry development space, and has good sustainable profitability
    .
    After the completion of this transaction, the company's business structure will be enriched, which will help change the company's excessively single profit model, reduce the adverse impact of the steel industry downturn on the company's operating results, and improve the company's ability to resist risks and sustain profitability Ability
    .
    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.