Huazhang Technology Completed the Acquisition of Fu An 777 Logistics Warehouse
HONG KONG, CHINA–(Marketwired – Nov 16, 2017) – Huazhang Technology Holding Limited (“Huazhang Technology” or the “Company” and its subsidiaries, together, the “Group”) (HKSE: 1673) is pleased to announce that, all the conditions precedent under the Sale and Purchase Agreement for purchasing Fu An 777 Logistics Warehouse Limited (“Fu An 777 Logistics Warehouse”) have been fulfilled and the Completion took place on 15 November 2017. Upon Completion, the Company has allotted and issued 80,447,059 new Shares (representing approximately 11.65% of the issued share capital of the Company as enlarged by the new issue) at an issue price of HK$2.55 per Share to the Vendors as consideration in accordance with the terms and conditions of the Sale and Purchase Agreement. Following Completion, Fu An 777 Logistics Warehouse becomes direct wholly-owned subsidiary of the Company.
Fu An 777 Logistics Warehouse mainly engaged in logistics and warehousing business and is currently constructing a logistics warehouse centre in Yangjiang City, Guangdong Province, upon completion, could provide bonded logistics services of raw materials, equipment and supplies for papermaking enterprises and raw material suppliers for papermaking enterprises in the southern part of the PRC.
Mr. Zhu Gen Rong, the chairman of Huazhang Technology Holding Limited, said, “the acquisition could help strengthen the Group’s after-sales and maintenance services, establish a one-stop integrated service platform through further integration of internal resources and promote all-rounded services to papermaking enterprises. We believe that, through the logistics and warehouse centre, the Company will be able to expand its customer base and market share in the papermaking industry and to meet potential future increasing demands of the Group’s products and services.”
About Huazhang Technology Holding Limited
Huazhang Technology Holding Limited is an integrated service provider in paper-making industry and its principal business includes project contracting service, research and development, manufacture and sale of industrial automation systems, sludge treatment products and headbox, and after-sales and maintenance related services. The Group has been in the paper-making industry for over 16 years. The Group’s self-manufacturing system and equipment are custom-built in accordance with the specifications and requirements provided by the Group’s customers, which include various papermaking enterprises in the PRC. The group strives to become a leading solution provider and comprehensive service provider for the papermaking industry in the PRC.