FilingReader Intelligence

Huafeng Spandex to acquire Zhejiang Huafeng subsidiaries in share swap

April 11, 2025 at 05:40 PM UTCBy FilingReader AI

Zhejiang Huafeng Spandex (SZSE:002064) announced its board of directors has approved an acquisition deal involving the exchange of shares to increase the company's assets. Valued at CNY600 million, the stock issuance will allow Huafeng Spandex to acquire 100% stake in its subsidiaries, Zhejiang Huafeng Synthetic Resin and Zhejiang Huafeng Thermoplastic Polyurethane, respectively. After the transaction is finalized, the two subsidiaries will become wholly-owned subsidiaries and report financials within the parent company, boosting the overall size and profitability of Zhejiang Huafeng Spandex. The company outlined plans to integrate operations and management under the new structure. It also emphasized the financial parameters used in valuing the deal, ensuring protection for shareholders and compliance with regulations, as well as the independence of the appraisal firm. The acquisition furthers the company’s vertical integration and expands its involvement across the polyurethane industry, with benefits projected to long-term growth and market leadership.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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