Chinese high-tech company to acquire shares of ROK's pearlescent material giant CQV

This aerial photo taken on Nov. 4, 2022 shows a cityscape on the banks of the Yongjiang River in Nanning, south China's Guangxi Zhuang Autonomous Region. (Xinhua/Lu Boan)

Global New Material International Holdings Limited (06616.HK) announced Friday that it will acquire shares of CQV, a pearlescent material company listed in the Republic of Korea (ROK), with about 470 million yuan, reported China Securities Journal Saturday.

Global New Material International will directly and indirectly own a total of 42.45 percent of the issued shares of CQV after the acquisition and become the largest single shareholder of CQV, according to the announcement.

The announcement also showed that CQV mainly engages in business related to effect pearlescent pigments, with its customers including many world leaders in industrial, cosmetics and automotive fields. It owns advanced intelligent factories and has established a sales network covering more than 100 countries and regions.