March 22 -- Jiangsu Jiuding New Material (002201) will fully acquire Changzhou Tianma Group and purchase a 75-percent stake in Changzhou Huabibao Special Material to complete its assets restructuring, reports Securities Times, citing a company filing.

After the asset injection, Jiuding’s total assets will rise to 1.89 billion yuan and net assets will rise to 737 million yuan.

Jiuding Material specializes in the development, production and sales of deep-processed glass fiber products. Fiber-reinforced plastics contribute 25 percent of the Rugao-based firm’s revenue at present.

Source:capitalvue