Panda Fireworks Group Co., Ltd. (600599)

Panda Fireworks Group Co., Ltd. (600599)

At present, Liuyang fireworks has a number of high standard professional fireworks production plants. It has built large-scale production bases in Liling, Hunan and Wanzai, Jiangxi. It has established a close strategic partnership with hundreds of professional large and medium-sized fireworks production enterprises at home and abroad, and has established a long-term purchasing and marketing relationship with more than 300 fireworks production enterprises.

The company produces and operates a wide range of fireworks products, covering all categories of consumer and professional categories, a total of nearly 3000 varieties. In order to keep moving forward

The company is carrying out close technical negotiation and cooperation with relevant universities and scientific research institutions at home and abroad, and plans to build a domestic first-class fireworks and firecrackers new materials, new technology, new product research center and product quality testing laboratory.

On April 20, 2010, Panda Fireworks Group Co., Ltd. signed the equity transfer agreement with Zhong Ziqi, who intends to transfer 51% of its equity of Liuyang Dongxin fireworks Group Co., Ltd. (which has been basically determined as the fireworks setting off unit of Shanghai World Expo) to the company, The transfer price of the subject equity is determined through negotiation to be RMB 62660000.00 (if the assets of Dongxin group change with the contents stated in the agreement, the price will be adjusted according to the relevant agreement); Meanwhile, Zhong Ziqi made relevant commitments to the company on the net assets of Dongxin fireworks. Other shareholders of Dongxin fireworks have abandoned their preemptive right to the underlying equity.

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