Shanshan's acquisition of LCD polarizer assets is approved by South Korea
Shanshan has made significant progress in its acquisition of LG Chem’s LCD polarizer business and related assets. On the evening of December 29, Shanshan shares announced that this transaction has been approved by the Korea Fair Trade Commission on the concentration of undertakings.
Progress in the acquisition
In June this year, Shanshan Co., Ltd. announced that it intends to obtain 70% of the shares of the holding company by increasing the capital of the holding company (the holding company is LG Chemical A newly established company in China), and indirectly purchases 70% of LG Chem’s LCD polarizer business and related assets in China, Taiwan, and South Korea through its holding company.
After the completion of this transaction, Shanshan shares and LG Chemical will hold 70% and 30% of the holding companies, respectively. Shanshan shares will continue to purchase the remaining 30% of the holding company in phases in the next three years to achieve 100% control of the holding company.
On the evening of December 29, Shanshan shares announced that the company had received the Korean Fair Trade Commission’s announcement on December 17, 2020 that this major asset reorganization did not violate South Korea’s Monopoly Regulation and Fair Trade Notice of the Act. So far, this transaction has been approved by the Korea Fair Trade Commission regarding the concentration of undertakings.
Shanshan shares stated that the company is actively promoting the filing of matters related to the concentration of business operators in China involved in this transaction. The ancillary agreement of the 'Framework Agreement' for this transaction is still being signed.
Complete the shortcomings of the industry chain
Before this transaction, the core business of Shanshan Co., Ltd. was the research and development, production and sales of lithium battery materials, which spanned the positive electrode, negative electrode and electrolyte. The three major manufacturers of lithium battery materials are one of the largest comprehensive suppliers of lithium battery materials in my country. The company's lithium battery materials production capacity, technical level, customer quality, and market share are currently at the leading level in the industry.
CICC pointed out that after the acquisition of LG Chem’s polarizer business, Shanshan shares will become the world’s leading supplier of polarizers and will use its key solutions and technologies to expand market share and further increase The self-sufficiency rate of my country's polarizer business.
Shanshan shares said that my country has become the world’s largest and fastest-growing LCD market. The downstream panel industry is developing rapidly, and the demand for polarizers, which is one of the core materials of the panels, is growing steadily. Through this acquisition, Shanshan shares entered the global LCD polarizer market, dominated by only a few companies, to further improve the industrial layout and enhance the company's overall competitiveness and sustainable development capabilities.
Guotai Junan said that China’s LCD industry is large, but the core material polarizer is currently monopolized by LG, Samsung, and Nitto. After the acquisition, it will fill up the shortcomings of the domestic industry chain, which has greater strategic significance.
Shanshan shares announced on the evening of December 28 that Zheng Yonggang was elected as the chairman of the company's tenth board of directors. And Zheng Yonggang is the actual controller of the company. (China Securities Journal·China Securities Network)
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