China Reform Culture Holdings Co., Ltd. agreed to acquire 19.58% stake of Beijing Huatec Information Technology Co.,Ltd from Shannan Jingshi Business Consulting Center (Limited Partnership) for approximately CNY 210 million.
October 30, 2020
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China Reform Culture Holdings Co., Ltd. (SHSE:600636) agreed to acquire 19.58% stake in Beijing Huatec Information Technology Co.,Ltd from Shannan Jingshi Business Consulting Center (Limited Partnership) for approximately CNY 210 million on October 29, 2020. As per terms of transaction, China Reform Culture Holdings Co., Ltd. will pay 30% of the equity transfer price within 15 working days. Within 15 working days after China Reform Culture Holdings Co., Ltd. is registered as a shareholder holding 27% of the Beijing Huatec Information Technology Co.,Ltd equity, it will pay the second phase of equity transfer price, being 40% of the equity transfer price and within 3 months after China Reform Culture Holdings Co., Ltd. is registered as a shareholder holding 27% of the Beijing Huatec Information Technology Co.,Ltd equity, it will pay the third phase of equity transfer price, being 30% of the equity transfer price.
In a related transaction, China Reform Culture Holdings Co., Ltd. intends to acquire 7.42% stake in Beijing Huatec Information Technology Co.,Ltd from China Education (Hangzhou) Investment Management Partnership (Limited Partnership), Beijing Xinlongmai No.1 Investment Fund Management Center (Limited Partnership) and Gongqingcheng Yinxi Investment Management Partnership (Limited Partnership) for CNY 80.2 million. As on April 30, 2020, Beijing Huatec Information Technology Co.,Ltd reported total assets of CNY 397.13 million and total owner’s equity of CNY 240.11 million. The transaction is approved by the Board of Beijing Huatec Information Technology Co.,Ltd and does not need shareholder approval.
China Reform Culture Holdings Co Ltd, formerly Shanghai 3F New Materials Co Ltd, is a China-based company mainly engaged in cultural and educational businesses. The Company operates two main businesses. The culture and education business focuses on investment and construction, financial services, operation and maintenance in the education informatization field. The vocational education business focuses on the field of integration of production and education, uses digital technology to create training laboratory products and provides supporting services, and provides colleges and universities with practical teaching solutions that synchronize with industrial development.
China Reform Culture Holdings Co., Ltd. agreed to acquire 19.58% stake of Beijing Huatec Information Technology Co.,Ltd from Shannan Jingshi Business Consulting Center (Limited Partnership) for approximately CNY 210 million.
CHINA REFORM CULTURE HOLDINGS CO., LTD. 
