Recently,Shandong Luxin High-Tech Industry Co.(hereinafter referred to as "Luxin High-Tech") announced the transfer of 100% equity interest in Zibo Sisha Taishan Sand Cloth & Sandpaper Co. (hereinafter referred to as "Liyan Taishan") 47% equity interest, the transfer reserve price is 114.069 million yuan, the closing date of the listing is May 19.
114 million transfer of 47% equity in Riken Taisan
Ltd. and Zibo Zhongli Abrasives Co., Ltd. is a Sino-foreign joint venture company jointly funded by Japan Riken Co. The legal representative is Tomio Masuda, with a registered capital of USD 5 million, and its business scope covers coated abrasives products such as abrasive cloth, abrasive paper, abrasive belts, abrasive cloth base cloth, abrasive paper base paper and related products, related equipment, abrasives and other aspects.
According to the shareholding structure, LUXIN High-Tech and Japan RIKEN CORUNDUM Corporation (hereinafter referred to as "RIKEN CORUNDUM") hold 47% of the shares respectively, and another 6% of the shares are held by Zibo Zhongli Abrasives Co. (hereinafter referred to as "Zibo Zhongli"). In response to this equity transfer, Luxin High-Tech indicated that it had given up its right of pre-emption in writing and that the actual control of the enterprise would not be transferred.
It is understood that RIYAN CORUNDUM and Zibo Zhongli have signed the Equity Transfer Agreement with Fuzhuo Abrasives (Shandong) Limited Liability Company (hereinafter referred to as "Fuzhuo") respectively on 18 April 2022 to transfer the equity interest held by RIYAN TYSAN to Fuzhuo. Riyan Taishan said it intends to complete the registration procedures for industrial and commercial changes in relation to the above equity transfer within the listing period. At the same time, Fuzhuo also stated that it would not waive its right of first refusal to purchase the subject company's equity interest in this public transfer.
According to the financial data, in terms of operation, Riken Taisan's audited 2020 revenue of 235 million yuan and net profit of 20,014,600 yuan, followed by the enterprise's revenue growing to 310 million yuan and net profit growing to 21,637,500 yuan by the end of November 2021. At the end of November, RIYAN Taishan had total assets of RMB248 million, total liabilities of RMB89,671,400 and owner's equity of RMB158 million. According to its recent financial statements, by the end of March this year, Riken Taisan's revenue was RMB 63,936,700 and its net profit was RMB 318,500.