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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 changing its 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, due diligence, and in-depth negotiations on property rights transfer, on July 11, authorized representatives from the Kaifeng Municipal People’s Government witnessed the signing of the equity transfer agreement. The original shareholders of Kaifeng Air Subsidiary Group—Guangdong Pearl Group Co., Ltd., Shenzhen Jinxin Investment Co., Ltd., and Guangdong Dading Mining Co., Ltd.—formally signed the deal, transferring full ownership of Kaifeng Air Separation Group to Yongcheng Coal & Electricity Holdings Group as stipulated in the agreement.
Kaifeng Air Separation Group is a key player 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, in an effort to reform state-owned enterprises, the company was acquired in its entirety by Shenzhen Jinxinan Investment Co., Ltd., Guangdong Dading Mining Co., Ltd., and Guangdong Pearl Group Co., Ltd.
Yongcheng Coal Power Group is a large state-owned coal enterprise in Henan Province, ranked among China’s Top 500 companies and one of the top ten enterprises 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, including output value and profit, for six consecutive years. Its per capita output, profit, and income are among the highest in the industry nationwide. In 2006, the company achieved operating revenue of 21.8 billion yuan, profits exceeding 2 billion yuan, and maintained state-owned assets at a value of 118%. All business segments continued to show strong growth momentum.
The decision by Yongcheng Coal & Electricity Group to take over the entire equity of Kaifeng Air Subsidiary Group will bring advanced management practices and inject substantial development funds into the future growth of the Kaifeng Air Subsidiary Group, ensuring long-term stability and innovation in the air separation sector.