December 20 – Chongqing Taiji Industry Group (600129) listed the sales of a 100-percent stake and a creditor’s right of Chongqing Zhaohe Industry for a total of 139.65 million yuan, reports China
Securities Journal, citing a company filing. The creditor’s right was worth 90.02 million yuan.

According to a public filing, Zhaohe Industry’s registered capital was eight million yuan, of which 4.08 million yuan, or 51 percent, was paid by Taiji Industry Group. The latter company later
purchased the remaining 49 percents stakes for 11.95 million yuan from another shareholder in 2005.

Zhaohe Industry Limited specializes in glassware and sells hardware, metal materials and automobile components.

According to one estimate, Zhaohe Industry Limited has a total asset book value of 97.26 million yuan and its appraised value is 139.63 million yuan.

The company has a net asset book value of 7.23 million yuan and appraised value of 49.61 million yuan, an appreciation rate of 585%. The Huangpu Building, owned by Taiji Industry with an appraised
value of about 90 million yuan, was sold to Zhaohe Industry. The building was later bundled with equity to be listed for sale and acquirer needs to pay off Zhaohe Industry’s debt.

The Huangpu Building has a construction area of 30609.21 square meters and is funded by Taiji Industry.The company has used it since its completion in 2004.