Guoguang intends to invest ¥26 million to acquire 51% stock rights of Shenghong

On Jan 9, Guoguang issued an announcement on the foreign investment of Shuangfeng, its wholly-owned subsidiary.

According to the announcement, Shuangfeng plans to invest ¥26,204,825.79 to acquire 51% of Shenghong(¥10.2 million of equity) held by Tibet Yongtai. After the deal, Shuangfeng will hold 51% of Tangshan Shenghong.

Guoguang said that the transaction is based on the company's development strategy, the decision is conducive to the company's optimization and integration of resources, enhance the company's core competitiveness and industry influence, in line with the company's long-term development strategy. There is no prejudice to the interests of the company and all shareholders.

Tibet Yongtai, founded on Sept 6, 2018, business scope includes the sales of mineral products, hardware equipment, environmental protection materials, environmental protection equipment and daily necessities.

Tangshan Shenghong, founded on April 4, 2019, is a 100% equity company of Tibet Yongtai, located in Hebei Province, whose product is mainly 2,4-Dichlorophenoxyaceticacid. And 2, 4-Dichlorophenoxyaceticacid (2,4-D), is an organic compound, chemical formula is C8H6Cl2O3, mainly used as herbicides and plant growth agents.

Guoguang was established in 1984, specializing in the research and development, production and sales of plant growth regulators and highly efficient water-soluble fertilizers. The company's 10 wholly-owned and holding subsidiaries and 2 secondary subsidiaries are distributed in Sichuan, Shanxi, Henan, Hainan, Chongqing and other provinces. It has 270 registrations of technical pesticide and formulation, 82 registrations of fertilizer, 1358 registered trademarks, 4 scientific and technological achievements, 170 patents (including 69 invention patents).

Chongqing Shuangfeng, was established on April 13, 2001. The company engaged in the research and development, production and sales of pesticides, formulations, pesticide intermediates and chemical products, biotechnology research and development, promotion and exchange, production and sales of water soluble fertilizer containing amino acid, water soluble fertilizer containing trace elements, water soluble fertilizer containing humic acid, water soluble fertilizer containing large amount of elements, water soluble fertilizer containing medium element, medium element fertilizer, organic water soluble fertilizer, microbial fertilizer, etc.