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With the collaborative efforts of both the transferor and transferee, on July 23, Kaifeng Air Separation Group Co., Ltd. successfully completed the formalities for the change of enterprise business registration. This marks a significant milestone in China's air separation industry — the major asset restructuring involving the full acquisition of Kaifeng Air Subsidiary Group by Yongcheng Coal Power Holdings Group Co., Ltd. has finally come to fruition.
Prior to this, after more than three months of asset evaluation, review, and in-depth negotiations, on July 11, authorized representatives from the Kaifeng Municipal People’s Government witnessed the signing of the equity transfer agreement between Yongcheng Coal & Electricity Holdings Group Co., Ltd. and the original shareholders of Kaifeng Air Subsidiary Group — Guangdong Pearl Group Co., Ltd., Shenzhen Jinxin Investment Co., Ltd., and Guangdong Dading Mining Co., Ltd. According to the terms of the agreement, Yongcheng Coal & Electricity Holdings Group officially acquired the entire equity of Kaifeng Air Subsidiary Group.
Kaifeng Air Separation Group Co., Ltd. is a leading company in China's air separation equipment industry, known for pioneering several industry-first projects and localizing large-scale 40,000-class air separation equipment. On November 8, 2004, as part of state-owned enterprise reform, the company was fully acquired by Shenzhen Jinxinan Investment Co., Ltd., Guangdong Dading Mining Co., Ltd., and Guangdong Pearl Group Co., Ltd.
Yongcheng Coal Power Group Co., Ltd. is a large state-owned coal enterprise in Henan Province, ranked among China's Top 500 enterprises and one of the top ten in key national industrial sectors. Its operations span coal mining and processing, metal mining, coal chemical industry, power generation, railway transportation, machinery manufacturing, bearing production, construction, and commercial activities. Since 2000, the group has consistently doubled its main economic indicators such as output value and profit for six consecutive years, with per capita output, profit, and income among the highest in the industry. In 2006, the company achieved an operating revenue of over 21.8 billion yuan and profits exceeding 2 billion yuan, while maintaining a state-owned asset appreciation rate of 118%.
The decision by Yongcheng Coal & Electricity Group to acquire the entire equity of Kaifeng Air Subsidiary Group is expected to bring advanced management practices and substantial development capital, providing a strong foundation for the future growth of Kaifeng Air Subsidiary Group. This strategic move not only strengthens the group’s position in the air separation sector but also opens up new opportunities for innovation and expansion.