Eastern Materials announced that its wholly-owned subsidiary, New Eastern Materials Tengzhou, has signed an Equity Transfer Agreement with Zhou Qihua and Chen Yun, acquiring their respective 10% and 2% stakes in Carbon Nest New Materials Technology Tengzhou for zero yuan. The corresponding subscribed capital contributions are 10 million yuan and 2 million yuan, both of which have not been paid in. At the same time, the company signed a Concerted Action Agreement with Zhou Qihua and Chen Yun. After the transaction, the company will hold a total of 60% of the voting rights in the target company, making it a controlled subsidiary and consolidating it into the financial statements.
New East New Materials Co LtdAcquiring control of Carbon Nest consolidates it into financials, expanding asset base.
Target company becomes controlled subsidiary; impact on its own value not detailed.