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The reorganization plan of Huayou Quzhou was approved by China Securities regulatory commission.

The reorganization plan of Huayou Quzhou was approved by China Securities regulatory commission.

  • Categories:News
  • Author:Zhejiang Huayou Cobalt Industry
  • Origin:Zhejiang Huayou Cobalt Industry Co., Ltd.
  • Time of issue:2020-01-21 16:39
  • Views:

(Summary description)OnthemorningofDecember31,2019.ThecommissionofmergerandreorganizationofChinaSecuritiesRegulatoryCommission(CSRC)heldthe75th meetingof2019,whichreviewedtheissueofsharestopurchaseassets,andraisesupportin

The reorganization plan of Huayou Quzhou was approved by China Securities regulatory commission.

(Summary description)OnthemorningofDecember31,2019.ThecommissionofmergerandreorganizationofChinaSecuritiesRegulatoryCommission(CSRC)heldthe75th meetingof2019,whichreviewedtheissueofsharestopurchaseassets,andraisesupportin

  • Categories:News
  • Author:Zhejiang Huayou Cobalt Industry
  • Origin:Zhejiang Huayou Cobalt Industry Co., Ltd.
  • Time of issue:2020-01-21 16:39
  • Views:
Information

On the morning of December 31, 2019. The commission of merger and reorganization of China Securities Regulatory Commission(CSRC) held the 75th meeting of 2019, which reviewed the issue of shares to purchase assets, and raise supporting funds and related transactions(hereinafter “Huayou Quzhou Reorganization Plan”). According to the results of the meeting, the reorganization plan of Huayou Quzhou was approved, conditionally.

 

In the transaction, Huayou Cobalt will issue shares to Xinda New Energy to purchase its 15.68 percent stock of Huayou Quzhou, at the price of 805 million yuan. At the same time, Huayou Cobalt industry will use the inquiry method to issue non-public shares to no more than 10 specific investors to raise supporting funds of no more than 800 million yuan, mainly for the construction of “High purity NCM Power Battery Grade Nickel Sulfate Project with An Annual output of 30000 tons (on metal base)” in Huayou Quzhou.

 

Huayou Quzhou Reorganization Plan being smoothly approved, is Huayou’s cooperation with Xinda to implement the CPC Central Committee and state council’s policy of financial institutions should serve the development of the real economy, private economy, lightens the burden of corporate debt, maintain the healthy development of the national financial economy and practice, it is of very important demonstration significance for the implementation of the marketization of the private enterprises debt to equity swap and created a new mode of the marketization of the private enterprise debt to equity.

 

After the completion of the transaction, Huayou Cobalt will be a wholly owned shareholder of Huayou Quzhou, and the net profit attributable to shareholder of the listed company will be further increased/ Through this transaction, the company will future optimize the capital structure, focus on improving the quality of cooperation, enhance Hauyou’s competive strength and sustainable operation ability.

 

The smooth approvement is an important breakthrough and practice in the spirit of “focusing on the three key tasks” proposed by the Chairman at the Mid-2019 work conference. It is the final work of the group in 2019. The successful passing of the project marks a new stage for Huayou’s future development, which is of great strategic significance. It will also inspire more strivers of Huayou and continue to write a new chapter of the great cause of Huayou’s second undertaking. 

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Zhejiang Huayou Holding Group Co., Ltd.

Add:No. 18, Wuzhen East Road, Tongxiang Economic Development Zone, Zhejiang Province
Tel:0086-573-88587878
Postcode:314500

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Human Administration

Tel:0086-573-88589951
E-mail:hykg@huayou.com

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