Luxin Venture Capital Group's (SHA:600783) unit, Shandong High-tech Venture Investment, plans to offload Shandong Tianyi Chemical to Weifang Yaxing Chemical (SHA:600319), according to a Shanghai bourse filing on Tuesday.
Yaxing Chemical will acquire 12,940,574 shares in Tianyi Chemical through share issuance and cash payment, with the price to be determined through negotiation.
The Chinese abrasive products manufacturer's shares fell over 2%, while Yaxing's shares jumped 10% at the close.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.