AllBright Client Lipeng Wins Approval for Major Asset Restructuring
2014-11-189863On October 30, 2014, AllBright client Shandong Lipeng Co., Ltd. (stock code: 002374.SZ) won China Securities Regulatory Commission approval with preconditions for its major asset restructuring application.
Shandong Lipeng will, through paying cash and issuing shares to designated investors, purchase 100% ownership of Chongqing Huayu Gardening Co., Ltd. from 58 dealing parties at a total price of 99.860 billion RMB. Shandong Lipeng will raise 27.77433 billion RMB as part of the fund through a private placement to nine designated investors.
Shandong Lipeng Co., Ltd. is China’s largest manufacturer of anti-counterfeit aluminum plate coating printing and is the largest producer of anti-theft aluminum caps. In 2013, revenue from its main business operations reached 629.41 million RMB, its net profit being 40.24 million RMB.
Huayu Gardening’s main business is the design, construction, and maintenance of gardening projects as well as the growing and selling of trees. In 2013, its revenue was 563.29 million RMB with a net profit of 89.28 million RMB.
After this acquisition, Shandong Lipeng will its main operations in two industries.
The AllBright team on this project included partners Shen Guoquan and Yang Yijian as well associate Wei Dongliang.
