Huayou is just put into a 10 day trading halt for a major acquisition for a Chinese lithium battery material supplier.
Currently Huayou mainly produces cobalt, nickel and copper related products. The move to acquire a major supplier of lithium battery material, indicating Huayou is extending their product range to lithium related battery materials.
On 8 April 2019, Huayou Cobalt (603799.SH) announced that the company is planning a major asset restructuring, and plans to purchase Tianjin Bamo Technology Co., Ltd. (hereinafter referred to as "Bamo Technology") and Zhangzhou Huayou Cobalt New Materials Co., Ltd. by way of issuance of shares. (hereinafter referred to as "Huayou Zhangzhou") equity (hereinafter referred to as "this restructuring", "this transaction"). It is expected that the amount involved in this transaction will reach the standard of major asset restructuring of listed companies. At present, the matter is still in the negotiation stage, and the two parties are actively negotiating and communicating.
AVZ Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
