Hebei Huijin Group Co., Ltd. plans to acquire a 20% equity stake in Cooper New Energy Co., Ltd. for cash, and will be entrusted with no less than 31% of voting rights. After the transaction, Huijin will hold at least 51% of voting rights in Cooper New Energy, making it a controlled subsidiary. The deal is expected to constitute a major asset restructuring, and does not involve share issuance, related-party transactions, or a change in company control. Cooper New Energy is mainly engaged in the research, development, production, and sales of internal equipment for wind turbine towers and intelligent equipment for wind power construction. Huijin Shares stated that the transaction is still in the planning stage, and the specific terms require further negotiation and must go through decision-making and approval procedures. Boosted by this news, Huijin Shares hit the 20% daily limit up in early trading on July 20, and as of 2 p.m., the buy order queue still stood at 137,000 lots.
Hebei Huijin Electromechanical Co LtdHuijin Shares plans to acquire controlling stake in Cooper New Energy, triggering a 20% daily limit up.
Cooper New Energy is the target of a controlling stake acquisition by Huijin, implying a premium valuation.