zhejiang rongsheng holding group co ltd for sale
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Zhejiang Rongsheng Holding Group Co., Ltd. signed an equity transfer agreement to acquire a 22.61% stake in RiseSun MGL New Energy Technology Co., Ltd. from CITIC Guoan Information Industry Co., Ltd. (SZSE:000839) for CNY 1 billion on July 27, 2020. As part of the transaction, Zhejiang Rongsheng Holding Group Co., Ltd. shall pay first equity transfer payment of CNY 509 million within 25 working days after the effective date of this agreement and entire remaining equity transfer payment no later than December 31, 2020. Zhejiang Rongsheng Holding Group Co., Ltd. will use its own funds or self raised funds. In the year ended December 31, 2019 RiseSun MGL New Energy Technology Co., Ltd. reported total assets of CNY 37.2 million, revenue of CNY 8.5 million and net loss of CNY 1.19 million. Post completion CITIC Guoan Information Industry Co., Ltd. holds no equity in RiseSun MGL New Energy Technology Co., Ltd. Board of directors of CITIC Guoan Information Industry Co., Ltd. approved the transaction.
Ningbo United Group Co., Ltd. (SHSE:600051) agreed to acquire Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd. and Saintyear Holding Group CO.,LTD. for CNY 2.3 billion on April 2, 2018. The consideration will be paid through issuance of 268.7 million shares of Ningbo United Group Co., Ltd. Under the terms, Zhejiang Rongsheng Holding Group Co., Ltd. will sell 60.82% and Saintyear Holding Group Co., Ltd. will sell 39.18% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. For the year ended December 31, 2017, Hangzhou Shengyuan Real Estate Development Co., Ltd. had total assets of CNY 4.05 billion, net assets of CNY 429.66 million, revenues of CNY 296.92 million, and net profit of CNY 187.61 million. The transaction is subject to secondary approval of the Board of Directors of Ningbo United Group Co., Ltd. after Hangzhou Shengyuan Real Estate Development"s assets" audit and assembly work are completed, shareholders" approval of Ningbo United Group Co., Ltd. and approval of China Securities Regulatory Commission. On April 2, 2018, the transaction was approved by the Board of Directors of Ningbo United Group Co., Ltd. in the 2nd meeting of 2018 of 8th directorate. Zhejiang Rongsheng Holding Group Co., Ltd. and Saintyear Holding Group Co., Ltd.s internal decision-making institutions approved the transaction as of April 2, 2018.
As on November 30, 2019, at the first extraordinary meeting of 2019 and the ninth directorate meeting of 2019 adjusted the plan. According to new plan, Ningbo United Group Co.,Ltd. will be acquiring only 60.82% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd. for approximately CNY 1.1 billion by issuing approximately 180 million shares. On November 30, 2019, Board of Ningbo United Group approved the adjusted plan. As of December 18, 2019, the transaction was adopted by the shareholders of Ningbo United Group. On December 26, 2019, Ningbo United received "Application Acceptance Form for Administrative License of China Securities Regulatory Commission". On April 7, 2020, Ningbo United Group convened the first interim meeting of the ninth board of directors in 2020 to review and approve the reorganization and update of financial data. China Securities Regulatory Commission disapproved the transaction on May 13, 2020. On October 9, 2020, parties signed supplemental agreement under which consideration has been changed from 181.088 shares to 181.58 million shares. The transaction still need the approval of the China Securities Regulatory Commission.
He Meng, Yang Xin, Huang Yongan and Ma Rui, Zeng Jian of HUAXI Securities Co., Ltd. (SZSE:002926) acted as an independent financial advisors to Ningbo United Group Co., Ltd. Wei Shaohui and Yi Wenyu of Shu Jin Law Firm acted as legal advisors to Ningbo United Group Co., Ltd. Chen Zhiwei and Chen Qi of Pan-China Certified Public Accountants LLP acted as accountants to Ningbo United Group Co., Ltd.
Ningbo United Group Co., Ltd. (SHSE:600051) cancelled the acquisition of 60.82% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd on December 4, 2020. The transaction was terminated as based on the current market environment and other reasons, the conditions for continuing to advance the issue of shares to purchase assets are not yet mature at this stage. The Board of Directors of Ningbo United Group Co., Ltd. approved the termination.
This company operates as a holding firm for a group of subsidiaries engaged in polyester, spinning, false-twisting, coal chemicals, real estate, venture investment business activities. It was incorporated in 2006 and has its registered office in Hangzhou, China. As a holding company, it handles the administrative affairs and services and grants management services to its subsidiaries, as well as provides financial support and control function for the board. Furthermore, the firm is responsible for managing the group and its overall legal structure, tax planning, financial and equity structures. It is also in -charge in various matters relating to policy, strategic planning, marketing, selecting and manning senior management positions, approving investments and budgets, and the overall ongoing monitoring of the group"s performance.
Established in 1989 and located at Xiaoshan, Hangzhou, Zhejiang Rongsheng Holding Group Co Ltd has developed into a modern business group that excels in areas such as petrochemicals, chemical fibers, real estate and financial investment. It ranks 176th on the list of China’s Top 500 Enterprises, and 34th in China Top 100 Private Enterprises.
The group has recently developed a complete production line from aromatic hydrocarbon to downstream pure terephthalic acid (PTA), polyethylene terephthalate (PET, including bottle-grade PET, film) and polyester yarn (POY, FDY, DTY).
In the real estate industry, the group has established two major sectors: Shengyuan Real Estate and Ningbo United. Combining real estate development and the leisure industry, Rongsheng has successfully developed several classic projects such as Xianghu No 1, Liangzhu Cutural Park.
In financial investment, Rongsheng has invested in several commercial financial institutions, and actively engaged in the fields of modern medical treatment, bulk commodities and intellectualization.
Rongsheng group has established several listed companies, including Rongsheng Petrochemical and Ningbo United, covering the petrochemical and real estate industries.
Rongsheng insists on innovative development. Currently, the group has built various technological and scientific innovation platforms such as high-tech research and development centers, a workstation for academicians and experts, an enterprise technology center and a post-doctorate science and research workstation.
Cooperative relationships with Zhejiang University, Zhejiang Sci-Tech University and Tianjin Polytechnic University have been formed. A research and development (R&D) team was also established, gathering experts from many countries and regions. In recent years, Rongsheng group has made fruitful achievements in developing new products and new technology.
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Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America, and Asia.
The Group has proven to be a leader among its competitors in each industry and has over ten subsidiaries, three of which are public companies, including Rongsheng Petrochemical Co. Ltd., Yibing Tianyuan Group Co. Ltd., and Ningbo United Group Co. Ltd. In 2014, the Group’s sales revenue surpassed RMB ￥60 Billion (CAD $10 Billion). In 2015, Rongsheng was a top 10 petrochemical industry leader in China.
Mr. Li Shuirong, Chairman of Rongsheng Holding Group serves as the Chairman of Rongsheng Petrochemical Co. Ltd., Vice President of the Zhejiang Private Economy Academy and Director of the Zhejiang Operation Management Academy. Mr. Li is a recognized philanthropist and greatly believes in giving back to the community especially in building schools to educate future generations as well as for those in need.
This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.
Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. International stock quotes are delayed as per exchange requirements. Fundamental company data and analyst estimates provided by FactSet. Copyright 2019© FactSet Research Systems Inc. All rights reserved. Source: FactSet
Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Sources: FactSet, Dow Jones
Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Change value during the period between open outcry settle and the commencement of the next day"s trading is calculated as the difference between the last trade and the prior day"s settle. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Source: FactSet
Data are provided "as is" for informational purposes only and are not intended for trading purposes. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Data may be intentionally delayed pursuant to supplier requirements.
Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright 2019© Refinitiv. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Rongsheng Petrochemical Co., Ltd. engages in the research, development, production, and sale of chemical, oil, and polyester products. It offers gasoline, diesel fuel, kerosene, paraxylene, ethylene glycol, styrene 156, m-xylene, polyethylene, polypropylene, EVA, polycarbonate, ABS, PTA, PIA, filament, bottle flakes, and film. The company also offers olefins and their downstream, aromatics and their downstream, oil products, etc., which are widely used in covering new energy, new materials, organic chemicals, synthetic fibers, synthetic resins, Synthetic rubber, oil products, and other fields. The company was founded in 1995 and is based in Hangzhou, China. Rongsheng Petrochemical Co., Ltd. is a subsidiary of Zhejiang Rongsheng Holding Group Co., Ltd.
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