Qingdao Gon Technology (HKG:2768, SHE:002768) plans to acquire an 80% stake in industrial gases company Sichuan Zhongfuneng New Material Technology for 1.5 billion yuan, according to a Monday Hong Kong bourse filing.
The chemical materials manufacturer will acquire the stake from Lai Minggui, who owns 100% of the target company, using its own funds.
Qingdao Gon's shares plunged 18% in Hong Kong and 10% in Shenzhen in recent trade.