Zhongfei New Technology's sub-subsidiary purchases raw material worth RMB283.2 million from related party
2021-01-11 16:31:37 [Print]
On 10 January, Zhongfei New Technology announced that its sub-subsidiary Vital Optics Technology Co. Ltd. purchased raw material worth RMB283.2 million (USD43.74 million) from 14 May, 2020 on through an intermediate service provider from a related company controlled by the company's actual controller Mr. Shihui Zhu in order to ensure timely delivery to customers, stabilize customers and avoid customer loss. The company paid RMB239.7 million (USD37.02 million) by the date of disclosure and will pay the rest of RMB43.50 million (USD6.72 million) based on arrival of goods as agreed in the contract.
The final suppliers of the abovementioned raw material are Guangdong Vital Materials Co., Ltd., Guangdong Vital Advanced Materials Co., Ltd., Guangdong Vital Rare and Precious Metal Materials Co. Ltd., Qingyuan Kelinteke Rare Metal Technology Co., Ltd. and Vital Materials Co., Limited, all of which are controlled by the company's actual controller Mr. Shihui Zhu.
The company got its infrared laser business by gratuitous transfer from its actual controller and related party under the actual controller, which promised to avoid horizontal competition. The raw material of this deal was the inventory of the related party under the actual controller and an essential production material of Vital Optics Technology. Vital Optics Technology purchased the material from the related party under the actual controller in a period when raw material prices stood relatively, without benefit transfer and misappropriation of listed company.
The final suppliers of the abovementioned raw material are Guangdong Vital Materials Co., Ltd., Guangdong Vital Advanced Materials Co., Ltd., Guangdong Vital Rare and Precious Metal Materials Co. Ltd., Qingyuan Kelinteke Rare Metal Technology Co., Ltd. and Vital Materials Co., Limited, all of which are controlled by the company's actual controller Mr. Shihui Zhu.
The company got its infrared laser business by gratuitous transfer from its actual controller and related party under the actual controller, which promised to avoid horizontal competition. The raw material of this deal was the inventory of the related party under the actual controller and an essential production material of Vital Optics Technology. Vital Optics Technology purchased the material from the related party under the actual controller in a period when raw material prices stood relatively, without benefit transfer and misappropriation of listed company.
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