CHK OIL (00632.HK): signs framework pact for RMB15m Dumei Electric buy
- The framework agreement was signed after trading hours on 20 October 2026 to acquire all of Zhejiang Dumei Electric Technology Co., Ltd. from Hangzhou Dumei Holdings (70%) and Hangzhou Dumei Enterprise (30%).
- The intended consideration is RMB15 million, subject to negotiation based on asset valuation, financial position and due diligence, with a formal share transfer agreement due by 30 November 2026.
- A deposit of RMB2,250,000 is payable and becomes partial consideration on signing of the formal agreement; failure to pay it terminates the framework agreement automatically.
NewTimeSpace News: On 20 October 2026, CHK Oil Limited (stock code: 00632) said that, after trading hours that day, it entered into a framework agreement with Hangzhou Dumei Holdings Co., Ltd. and Hangzhou Dumei Enterprise Management Consulting Partnership (Limited Partnership) (together, the Vendors), Zhejiang Dumei Electric Technology Co., Ltd. (the Target Company) and Liaoning Port Oil Technology Co., Ltd., an indirectly wholly-owned subsidiary of the Company, to acquire the entire equity interest in the Target Company.
The Target Company is 70% held by Hangzhou Dumei Holdings and 30% by Hangzhou Dumei Enterprise. The parties shall enter into a formal share transfer agreement on or before 30 November 2026, after which the Company will hold 100% of the Target Company. The intended consideration is RMB15 million, with the exact amount to be negotiated by reference to asset valuation, the Target Company's financial position and due diligence findings. The Company shall pay a deposit of RMB2,250,000, which will become partial payment of the consideration upon signing of the formal agreement.
The Target Company is principally engaged in the manufacturing and sales of intelligent oil and gas extraction equipment. From 1 November 2026, the Company will be responsible for raising and allocating working capital for its operations and project development, and may appoint dedicated personnel to supervise its finance, cash flow, inventory and settlement of receivables and payables after paying the deposit. During the exclusivity period the Vendors may not deal with third parties on any sale or transfer of the Target Company's equity, and the framework agreement terminates automatically if the deposit is not paid as required.
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