On November 3, Shanghai Dingli Technology Development Group Co., Ltd. decided to sell all rubber belt and rubber-related stock rights and assets of Shanghai Rubber Belt & Rubber Co., Ltd., etc. to Shenzhen Qiantong Huixin Investment Partnership (Limited Partnership) with the total price of 145 Million Yuan.

The relevant objects of the transaction cover 90% stock rights of Shanghai Rubber Belt & Rubber Co., Ltd., 100% stock rights of Shanghai Rubber Belt Investment Management Co., Ltd. and fixed assets relating rubber belt under the account of Dingli Share.

It is known that Shanghai Rubber Belt Company began to move in 2010 and built a production base in Huai’an, Jiangsu Province in April 2012, which completed construction in 2014. Shanghai Rubber Belt Huai’an Industrial Co., Ltd. invested 997.4308 Million Yuan in a conveyer belt project. It achieved operation revenue of 24.25 Million Yuan in 2015, with a year-on-year growth of 167.59%. But as the insufficient market demand, there was also loss-making of 22.8606 Million Yuan.

As a over 60-year-old company, Shanghai Rubber Belt & Rubber Co., Ltd. mainly produced and sold all kinds of conveyer belts, triangular belts (V belts) and other products and successively won National Silver Medal and Quality Product of original Ministry of Chemical Industry. The trademark “Camel” was once a famous mark in Shanghai and ranked top 50 of Shanghai famous brands, enjoying a high reputation among rubber hose and belt industry at home and abroad.