Boneng Completes a Milestone Acquisition
Release Date:
2019-07-10
On May 30, 2019, our company successfully completed the acquisition of a 35% equity stake from the minority shareholders of Weizhong. Subsequently, on June 25, 2019, we won the auction for a 65% equity interest in Weizhong held by Hubei Caizhi Investment Co., Ltd. (Hubei Yihua), along with certain related creditor rights. The transfer of the 65% equity interest is scheduled to be finalized within the next 60 business days. Upon completion of the equity transfer, the company will achieve full ownership and control of Changsha Weizhong Chemical Machinery Co., Ltd.
On May 30, 2019, our company successfully completed the acquisition of a 35% equity stake from the minority shareholders of Weizhong. Subsequently, on June 25, 2019, we won the auction for a 65% equity stake in Weizhong held by Hubei Caizhi Investment Co., Ltd. (Hubei Yihua), along with certain related creditor rights. The transfer of the 65% equity is scheduled to be finalized within the next 60 business days. Upon completion of the equity transfer, the company will achieve full ownership and control of Changsha Weizhong Chemical Machinery Co., Ltd.
On July 9, 2019, at 5:00 p.m., representatives from Boneng Technology and Yihua Group held a handover ceremony for equity and management rights in the second-floor conference room of Weizhong Chemical Machinery. The transition period will last three months, during which Boneng Technology will assume full responsibility for exercising shareholder rights on behalf of Weizhong Chemical Machinery.
Weizhong Chemical Machinery was restructured from the former Changsha Chemical Machinery Factory and has long been engaged in the R&D, design, and manufacturing of specialized equipment for coal chemical and petrochemical industries. With nearly 60 years of experience in the design and fabrication of special-purpose equipment, the company boasts extensive expertise in the production of chemical pressure vessels and related equipment. Changsha Boneng Company was established in 1998 and specializes in supplying trays, packing materials, and internal tower components to major petrochemical enterprises. Over more than two decades of accumulation and development in the field of internal tower components for oil refining and petrochemical processing equipment, Changsha Boneng has now firmly established itself as one of the top three comprehensive enterprises in the industry.
This merger between the two companies leverages each party’s strengths to offset its own weaknesses, resulting in a more diversified product portfolio and scaled-up production and operations, thereby enhancing the enterprise’s market competitiveness. This merger represents a major strategic initiative that will deliver mutual benefits to both parties.
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