Lihua International, Inc. announced Sunday the completion of a share exchange transaction with Magnify Wealth Enterprise Limited, in which Lihua International issued 14,025,000 shares of its common stock to Magnify Wealth in exchange for 100% of the equity interests of Ally Profit Investments Limited, a British Virgin Islands company, with operating two subsidiaries in the People’s Republic of China. Danyang Lihua Electron Co., Ltd. (“Lihua Electron”), located in the PRC, is a leading value-added manufacturer of bimetallic composite conductor wire, such as copper clad aluminum (“CCA”) fine wire, CCA magnet wire and CCA tin plated wire. Lihua Electron sells to distributors in the wire and cable industries and to manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Jiangsu Lihua Copper Industry Co., Ltd. (“Lihua Copper”), the Company’s other PRC subsidiary, which the Company anticipates will begin operations prior to the end of 2008, will utilize refined, or recycled, copper to manufacture and sell low content oxygen copper cable and copper magnet wire to Lihua Electron’s existing customer base.
Lihua International completes acquisition in PRC Bi-metallic conductor wire industry
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