Global New Material International Holdings

Global New Material International Holdings Limited completed the acquisition of a 42.45% stake in CQV Co., Ltd., making CQV a non-wholly owned subsidiary. The deal closed on 22 August 2023.

Global New Material International Holdings Limited announced it will purchase approximately 3.13 million shares and subscribe for about 1.18 million treasury shares of CQV Co. Ltd. for a total consideration of approximately RMB 470 million (approx. $67 million). Upon completion, it will hold 42.45% of CQV's issued shares and become the single largest shareholder.