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The Major Asset Reorganization of CSSC is About to be Completed

Aug 25, 2023 | Leading Companies in China | 0 comments

On August 21, CSSC Science and Technology Co., Ltd., a listed company under China State Shipbuilding Corporation, officially released the “Announcement on the Results of Issuing Shares to Purchase Assets and Changes in Share Capital”. According to the announcement, CSSC Science and Technology has completed the asset acquisition, which means that since the official disclosure of the major asset restructuring plan in January 2022, CSSC Science and Technology’s major asset restructuring work is about to be completed.

According to the announcement, in this transaction, CSSC Science and Technology purchased the underlying assets held by the counterparty by issuing shares and paying cash, namely, 100% equity of China Marine Equipment, 88.58% equity of CSSC Wind Power, 100% equity of Xinjiang Haiwell, Luoyang Shuang Rui 44.64% minority stake, Lingjiu Electric 10% minority stake, and issue RMB ordinary shares (A shares) to no more than 35 qualified investors to raise matching funds by way of inquiry. The total amount of matching funds raised is planned to be More than 3 billion yuan, and the total amount of supporting funds raised shall not exceed 100% of the transaction price of issuing shares to purchase assets in this transaction. The number of shares issued by raising supporting funds shall not exceed 30% of the total share capital of CSSC Science and Technology after the issuance of shares and payment of cash to purchase assets in this transaction.

According to the payment consideration and the issuance of shares for the issuance of shares and payment of cash for the purchase of assets disclosed in the announcement, the number of shares issued in this transaction is about 770 million, and the additional issue price is 11.35 yuan per share; the total consideration paid to the counterparty is about 91.98 100 million yuan, of which approximately 8.743 billion yuan was paid in shares and 455 million yuan was paid in cash. The targets of this issuance of shares are CSIC, Chongqing Shipbuilding Industry, Chongqing Qianwei, Luoyang Shuangrui Technology, Wuhan Lingjiu Technology, Chongqing Huayu, Fenxi Heavy Industry, Chongqing Gearbox, Chongqing Chuandong Shipbuilding, Chongqing Jiangzeng Machinery , Chongqing Yuejin Machinery, Chongqing Hongjiang Machinery, Chongqing Hydraulic Electromechanical, Chongqing Changzheng Heavy Industry, Changjiang Technology, Chongqing Zhongjin Keyuan, Bank of China Financial Assets, Jiangsu Yiquan, Bank of Communications Investment, Mixed Reform Fund, Smart Ocean Fund, Industrial Fund, Guodian Nanzi, Chongqing Energy Investment, Wang Qimin, Chen Zhuoxi, Yao Shaoshan, Gao Yisong, CSSC and Haiwell Hi-Tech.

The Major Asset Reorganization of CSSC is About to be Completed

As of the announcement date, CSSC Science and Technology has directly held 100% equity of China Marine Equipment, 88.58% equity of CSSC Wind Power, 100% equity of Xinjiang Haiwell, 44.64% equity of Luoyang Shuangrui and 10% equity of Lingjiu Electric, and indirectly held Ship Wind Power 11.42% equity, Luoyang Shuangrui 55.36% equity and Lingjiu Electric 90% equity.

 

According to the announcement, after deducting the relevant expenses of this transaction, the supporting funds raised this time are intended to be used to supplement the working capital of CSSC and the target company or to repay debts, and to construct related projects of the target company. The proportion of supporting funds raised this time to replenish working capital and repay debts will not exceed 25% of the transaction price, or no more than 50% of the total amount of supporting funds raised. Before the supporting funds raised this time are in place, CSSC Science and Technology can pay in advance with self-raised funds according to the actual situation, and will be replaced after the raised funds are in place.

This transaction will help CSSC Science and Technology to enrich its business fields, improve asset quality, optimize financial structure, and enhance sustainable development capabilities. First of all, improve the quality of CSSC’s technological assets and enhance the value of listed companies. The target assets of this reorganization are assets in the new energy industry, and its business scope covers the manufacture of wind power generation equipment, the development and operation of wind farms and photovoltaic power stations, and new energy engineering construction services, etc., with good development space and prospects. Secondly, it is conducive to the optimization and adjustment of the industrial structure of CSSC Science and Technology, which will further consolidate its asset scale and profit scale, expand future development space, and enhance the ability to resist risks, which is in line with the long-term and overall interests of CSSC Science and Technology and its shareholders. Third, this major asset reorganization is an important capital operation by CSSC Science and Technology in response to the requirements of the national new energy industry policy, which will help it grasp the development opportunities of the new energy industry, increase its profit scale, and enhance its overall strength. Fourth, this reorganization will integrate high-quality resources, which will help CSSC Science and Technology to continue to build a high-tech and new industry development platform under China State Shipbuilding Corporation, and help the target company take advantage of the financing platform advantages of listed companies to solve the target company’s rapid development process In order to further promote the target company’s new energy business development.

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