Bonone completed the landmark acquisition
On May 30, 2019, our company successfully completed the acquisition of 35% of the equity of Weichong minority shareholders, and on June 25, 2019, we acquired 65% of the equity and part of the debt of Weichong held by Hubei Caizhi Investment Co., Ltd. (Hubei Yihua). The transfer of 65% equity will be completed within the next 60 working days. After the completion of the equity transfer, the company will hold a wholly-owned share of Changsha Weizhong Chemical Machinery Co., Ltd.
At 17:00 p.m. on July 9, 2019, representatives of Bonone Technology and Yihua Group held a handover ceremony of equity and management rights in the conference room on the second floor of Weizhong Chemical Machinery. The handover management period is three months, and Bonone will take over Weizhong Chemical Machinery to exercise shareholder rights.
Weichong Chemical Machinery Co., Ltd., which was restructured from the original Changsha Chemical Machinery Factory, has been engaged in the research, design and manufacturing of special chemical equipment for coal chemical industry, petrochemical industry, etc. With nearly 60 years of experience in the design and manufacturing of special equipment, the company has rich experience in the manufacturing of chemical container equipment. Founded in 1998, Changsha Boneng Company specializes in providing trays, fillers and tower internals for large petrochemical enterprises. In the field of oil refining equipment tower internals, Changsha Boneng Company has become the top three comprehensive enterprise in the industry after more than 20 years of accumulation and development.
Through the merger of the two companies, we can learn from each other's strengths to make up for their weaknesses. After the merger, we will make the company's product structure multi-level and scale of production and operation, and improve the market competitiveness of the enterprise. This merger is a major strategic measure to achieve a win-win situation for both sides.