Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire an additional 38.3% stake in Neway Valve Co., Ltd. from Tongtai Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion.
March 17, 2022
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Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire an additional 38.3% stake in Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) from Tongtai (Hongkong) Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion on March 16, 2022. As per the terms, 286.8 million shares will be acquired at CNY 7.70 per share. On May 5, 2022, parties signed supplemental agreement.
Under the supplemental agreement, Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire 325.08 million shares representing 43.4% stake at CNY 6.82 per share. The total price paid by Wang Baoqing to Tongtai Hong Kong will be CNY 552,421,870.00; the total price to be paid by Lu Bin to Tongtai Hong Kong will be CNY 256,098,150.00; the total price paid by Lu Bin to Neway Group was CNY 293,172,880.00; Cheng Zhangwen will pay to Neway Group The total price paid by Xi Chao to Neway Group will be CNY 553,787,080.00; the total price paid by Xi Chao to Neway Group will be CNY 553,047,880.00. The transaction is expected to complete on June 17, 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 will acquire an additional 38.3% stake in Neway Valve Co., Ltd. from Tongtai Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion.
NEWAY VALVE (SUZHOU) CO., LTD. 
