SOURCE: Cleantech Solutions International, Inc.

Cleantech Solutions International, Inc.

May 09, 2017 06:30 ET

YSK1860 Acquires Ownership Interest in Cleantech Solutions International

HONG KONG, CHINA--(Marketwired - May 9, 2017) - YSK1860, an investment holding company with investments in different countries covering a wide range of sectors from traditional construction, real estate, trading to environmental and the Internet, today announced that on April 27, 2017, it acquired all of the shares of Cleantech Solutions International, Inc. ("Cleantech Solutions") (NASDAQ: CLNT) previously held by Cleantech Solutions' Chairman and CEO, Mr. Jinhua Wu, and his affiliates.

Pursuant to the terms of the agreement, YSK1860 purchased 416,249 shares of Cleantech Solutions stock from Mr. Wu and his affiliates for $970,000, or $2.33 per share. Mr. Wu and his affiliates decision to sell their shares was based on personal reasons, and Mr. Wu will retain his positions as Chairman and CEO of Cleantech Solutions going forward.

Commenting on the transaction Mr. Wu said, "The decision to sell these shares was personal, and I am pleased to have found an investor with the patience, vision and expertise to support Cleantech Solutions now and in the future. I look forward to staying on as CEO as we work on improving existing operations and exploring other areas with growth potential."

Dr. Thomas Chan, director of YSK1860, said "This investment in Cleantech Solutions demonstrates our trust and confidence in the US stock market and the Company for its long-term growth potential and opportunity to participate in the growing Chinese energy market. We also expect to leverage our investment expertise and connections in the technology, media and telecommunications sectors to support Cleantech Solutions in identifying new business opportunities in the future. We are confident in the current management's ability to put this year of transition behind us and focus on improving the long-term business outlook." 

About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. 

About YSK1860
YSK1860 is a privately held company with investments in different countries and categories. YSK1860's investment portfolio has covered a wide range of sectors from traditional construction, real estate, trading to environmental, internet etc. As the world evolves, we face different challenges and opportunities during different periods. YSK1860 capitalizes on trends and opportunities of our time with the aim to not only achieve capital growth but also provide a positive influence on society and the world. YSK1860 is a partner/client of Rothschild, UBS, Credit Suisse, and LGT on investment management. For more information visit http://ysk1860.com/

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