It is reported that Xinhua Auto Model plans to acquire a 67.38% stake in Shantou SK from SKN for CNY 215.6 million in cash.

According to Xinhua Auto Model, the revenue earned by the target company is almost five times higher.

Shantou SK founded in 2006 with a registered capital of USD 13 million mainly produces GPPS and HIPS that are widely used in the production of toys, stationaries and home appliances. Its products are mainly distributed in Guangdong, the Pearl River Delta region and in east China.

(Sourced from Shanghai Securities News)