China-WA plans to acquire 10% stake in Zhengzhou Cable Holdings

Sino-Ying (600110) announced today the board of Directors resolution announcement, the company intends to invest in the acquisition of Sino-Run Combined Investment Co., Ltd. (hereinafter referred to as "China Run") holdings of the company's subsidiary Zhengzhou Cable Co., Ltd. (hereinafter referred to as "Zhengzhou cable") 10% of the equity. Another proposal is to invest 40 million yuan as the equity custodian margin, under the rights and obligations under the "equity trusteeship Agreement" on Zhengzhou Cable Co., Ltd, under the ownership of 25% equity trusteeship. It is reported that Zhengzhou Cable Co., Ltd. was established in September 2007, registered capital of 300 million yuan, of which the company contributed 195 million yuan, accounting for the company's total share capital of 65%, Zhengzhou Investment Holdings Limited (hereinafter referred to as "Zhengzhou Holding") contributed 74.1 million Yuan, Accounting for 24.7% of the company's total equity, Zhengzhou Cable Group Co., Ltd. (hereinafter referred to as "cable group") contributed 900,000 yuan, accounting for 0.3% of the company's total share capital, and a capital of 30 million yuan in cash, accounting for 10% of the company's total equity. After and Sino-run friendly consultation, the company intends to invest in the acquisition of Sino-run company holding subsidiary of Zhengzhou Cable 10% of the equity. The purchase price is the net worth of the above-mentioned equity audited at the end of 2007. In addition, the company intends to contribute 40 million yuan to run together in the above-mentioned "equity trusteeship Agreement" under the rights and obligations. September 5, 2007, the Sino-run and Zhengzhou holding, cable group signed the "equity trusteeship Agreement." Under the agreement, China-run combined to accept Zhengzhou holding, cable group commissioned by the custody of Zhengzhou Holding, cable group owned Zhengzhou cable a total of 25% of the equity. To this end, China-run combined to Zhengzhou holding, cable group to pay 40 million yuan margin. Zhengzhou Cable main business scope is: wire and cable and accessories, wire and cable masterbatch, electrical special equipment and spare parts, wire and cable processing equipment manufacturing (with the relevant production license), sales; wire and cable and accessories, wire and cable masterbatch, electrical equipment and spare parts, Wire and cable and electrician special equipment raw materials and ancillary electrical and mechanical equipment, accessories import and export business; wire and cable engineering, wire and cable installation and related technical services; freight. The announcement said that the company used in the Masterbatch formula, irradiation advantages to enter the special cable industry, to create modified polymer wire and cable industry chain has become one of the company's development strategy, therefore, the company intends to increase the stake in Zhengzhou Cable, in order to promote the deep development of enterprises and the maximization of economic benefits.