Hangzhou Advance Gearbox Group Co., Ltd. completed the acquisition of additional 12.5% of stake in Hangzhou Advance General Machinery Co.,Ltd from a group of sellers.
November 14, 2022
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Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) agreed to acquire additional 12.5% of stake in Hangzhou Advance General Machinery Co.,Ltd from a group of sellers for CNY 3.6 million on October 27, 2022. In this transaction, Qi Jiangqiang will sell 0.5% stake, Cai Zongshun will sell 2% stake, Qiu Chao will sell 1% stake, Zhou Gang will sell 1% stake, Gao Yongwei will sell 1% stake, Tang Guotai will sell 1% stake, Zhang Shuguang will sell 1% stake, Lin Hong will sell 0.5% stake, Huang Shunliang will sell 1% stake, Zhao Fenbao will sell 0.5% stake, Fu Peihong will sell 1% stake, Su Caixing will sell 1% stake and An Yong 1% stake in Hangzhou Advance General. Hangzhou Advance General has a total assets of CNY 53.3 million and net assets of CNY 27.8 million as of May 31, 2022. The Board of Hangzhou Advance Gearbox approved the deal. The transaction still needs to be approved by the State-owned Assets Supervision and Administration Agency. As of November 7, 2022, Hangzhou Advance Gearbox has signed the Equity Transfer Agreement to acquire 12.5% of stake in Hangzhou Advance General Machinery. The transaction has been approved by Hangzhou City The State-owned Assets Supervision and Administration Office of the People's Government of Xiaoshan District.
Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) completed the acquisition of additional 12.5% of stake in Hangzhou Advance General Machinery Co.,Ltd from a group of sellers on November 15, 2022.
Hangzhou Advance Gearbox Group Co., Ltd. is a China-based company principally engaged in the manufacture and sales of general equipment. The Company's main products include marine gearboxes and marine propulsion systems, construction machinery gearboxes, wind turbines and industrial gearboxes, automotive transmissions, agricultural machinery gearboxes and drive axles, friction materials and friction plates, elastic couplings, as well as related castings, forgings and spare parts. The Company distributes its products in domestic market and to overseas markets.
Hangzhou Advance Gearbox Group Co., Ltd. completed the acquisition of additional 12.5% of stake in Hangzhou Advance General Machinery Co.,Ltd from a group of sellers.