Xuzhou Ganshuncheng Technology Development Co., Ltd. completed the acquisition of 21.13% stake in Tianma Bearing Group Co.,Ltd from Kashgar Xinghe Venture Capital Co., Ltd. for approximately CNY 500 million.
November 10, 2019
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Xuzhou Ganshuncheng Technology Development Co., Ltd. won an auction to acquire 21.13% stake in Tianma Bearing Group Co.,Ltd (SZSE:002122) from Kashgar Xinghe Venture Capital Co., Ltd. for approximately CNY 500 million on October 8, 2019.
Xuzhou Ganshuncheng Technology Development Co., Ltd. completed the acquisition of 21.13% stake in Tianma Bearing Group Co.,Ltd (SZSE:002122) from Kashgar Xinghe Venture Capital Co., Ltd. on November 11, 2019. After completing the equity transfer formalities of the shares auctioned this time, Kashgar Xinghe Venture Capital Co., Ltd. holds 8.84% stake in Tianma Bearing Group Co.,Ltd. On October 8, 2019, Xuzhou Ganshuncheng Technology Development Co., Ltd. held a shareholders' meeting and agreed for the transaction.
Tianma Bearing Group Co., Ltd. specializes in manufacturing and marketing bearings for the railway, automotive, naval construction, machine tools and industrial machines industries, etc. The products include ball bearings, angular contact ball bearings, spherical, conical and cylindrical roller bearings, railway bearings and precision bearings. The group also provides ball joints and slewing bearings.
China accounts for 73.5% of net sales.
Xuzhou Ganshuncheng Technology Development Co., Ltd. completed the acquisition of 21.13% stake in Tianma Bearing Group Co.,Ltd from Kashgar Xinghe Venture Capital Co., Ltd. for approximately CNY 500 million.
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