On 29 June 2022, Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd ("Wanwei", stock code 600063) issued shares to purchase 100% equity of Anhui Wanwei Bisheng New Materials Co., Ltd. (referred to as "Wanwei Wansheng") and raised supporting funds and The related party transaction project passed the review at the 10th meeting in 2022 of the Listed Company Mergers and Acquisitions Review Committee of China Securities Regulatory Commission. As the legal counsel for this transaction, Llinks provided full legal services for this project.
Wanwei High-tech is a core subsidiary of Anhui Wanwei Group Co., Ltd. ("Wanwei Group"), a large state-owned enterprise in Anhui Province. It is mainly engaged in PVA, high-strength and high-modulus PVA fiber, PVB resin, PVA optical film, redispersible R&D, production and sales of latex powder, vinyl acetate, VAE emulsion, alcohol, polyester chips, methyl acetate, cement clinker made from calcium carbide slag, environmentally friendly cement and other PVA-related derivatives, intermediate products and by-products, etc. The acquisition target is another subsidiary of Wanwei Group that produces PVB interlayer films. The PVB interlayer films produced are sold to downstream customers for the production of PVB laminated glass in the construction and automotive fields. After the completion of this acquisition, Wanwei High-tech has realized the vertical extension of PVB resin raw materials to the downstream product line, and has become the only enterprise in China engaged in the whole industry chain of PVA-PVB resin-PVB interlayer film.
