Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao canceled a share transfer agreement to acquire an additional 20.2% stake in Neway Valve Co., Ltd. from Neway Group Co., Ltd. and Tongtai Co., Ltd. for CNY 2 billion.
September 23, 2022
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Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao signed a share transfer agreement to acquire an additional 20.2% stake in Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) from Neway Group Co., Ltd. and Tongtai (Hongkong) Co., Ltd. for CNY 2 billion on September 25, 2020. Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao signed a share transfer supplement agreement to acquire an additional 20.2% stake in Neway Valve (Suzhou) Co., Ltd. from Neway Group Co., Ltd. and Tongtai (Hongkong) Co., Ltd. for CNY 1.7 billion on January 7, 2021. Under the terms of the transaction, Neway Group Co., Ltd. and Tongtai (Hongkong) Co., Ltd. will sell 151.5 million shares at the target stock transfer at price of CNY 11.24 per share, which was initially CNY 12.92 per share. The transfer price will be paid within 36 months from the date when the registration procedures for the transfer of the subject share agreement are completed. Tongtai Hong Kong intends to transfer 37.9 million shares, 37.5 million shares and 29.6 million shares to Wang Baoqing, Lu Bin million and Xi Chao respectively. Neway Group intends to transfer 38.1 million shares and 8.4 million shares to Cheng Zhangwen and Xi Chao respectively. Post-transaction, Wang Baoqing, Lu Bin, Cheng Zhangwen, Xi Chao, Neway Group Co., Ltd. and Tongtai (Hongkong) Co., Ltd. will hold 5.09%, 5.09%,5.09%,5.09%, 46.96% and 0.52% stake in Neway Valve (Suzhou) Co., Ltd.On March 16, 2022 and May 5, 2022, Tongtai Hong Kong, Neway Group (collectively referred to as the "Transferor") and the company's joint actual controllers Mr. Wang Baoqing, Mr. Lu Bin, Mr. Cheng Zhangwen, and Mr. Xi Chao (collectively referred to as the "Transferee") re-signed the relevant "Share Transfer Agreement" and other documents, and completed the relevant transfer procedures on June 17, 2022 and July 7, 2022 respectively.
Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao canceled a share transfer agreement to acquire an additional 20.2% stake in Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) from Neway Group Co., Ltd. and Tongtai (Hongkong) Co., Ltd. for CNY 2 billion on September 24, 2022.
Neway Valve (Suzhou) Co., Ltd. is a China-based company, principally engaged in the design, manufacture and distribution of industrial valves. The Company's main products include sluice valves, ball valves, isolating valves, check valves, butterfly valves, control valves, safety valves, nuclear power valves, as well as wellhead equipment and others. Its products are applied in petroleum, natural gas, refining, chemical, ships, electric power, long-distance transport pipes and other industries. The Company distributes its products in both domestic and overseas markets.
Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao canceled a share transfer agreement to acquire an additional 20.2% stake in Neway Valve Co., Ltd. from Neway Group Co., Ltd. and Tongtai Co., Ltd. for CNY 2 billion.
NEWAY VALVE (SUZHOU) CO., LTD. 
