Conch New Materials: Plans to Acquire 51% Stake in North China Plastic
On September 29, Hainan Conch New Materials (000619) announced that the company plans to acquire a 51% stake in North China Industrial Plastics Co., Ltd. (referred to as "North China Plastics") for a transaction price of 95.268 million yuan. After the completion of this acquisition, the company will hold a 51% stake in North China Plastics, which will become a controlling subsidiary of the company and be included in the company’s consolidated financial statements. North China Plastics mainly produces and operates a series of products, including high molecular low noise rollers and modified ultra-high molecular weight polyethylene pipes and fittings. The company and North China Plastics are both in the plastic products industry, have a high degree of industrial relevance, and are likely to achieve industrial integration and collaborative development.
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