Global New Material Plans RMB1.49 Billion Stake Acquisition in Zhejiang Jihua
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Global New Material International Holdings Limited plans to acquire a 29.89% stake in Zhejiang Jihua Group for approximately RMB1.49 billion. This acquisition, facilitated through a special purpose vehicle, will make Zhejiang Jihua a non-wholly owned subsidiary and is subject to shareholder and regulatory approvals. The transaction is classified as a connected and notifiable transaction under Hong Kong listing rules, which may temporarily halt trading of the company's shares. The latest analyst rating for Global New Material stock is a Buy with a price target of HK$10.00.
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