TianJin Motor Dies Co., Ltd. cancelled the acquisition of Nantong Chaoda Machinery and Technology Co., Ltd. from seven sellers.
March 29, 2017
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TianJin Motor Dies Co., Ltd. (SZSE:002510) agreed to acquire Nantong Chaoda Machinery and Technology Co., Ltd. from seven sellers for approximately CNY 840 million on December 2, 2016. The consideration comprises issuance of 129.2 million shares of TianJin Motor Dies Co., Ltd. Under the terms, one of the sellers, Nantong Zhongda Investment Management Center (Limited Partnership) will sell 5.6% stake and receive 7.1 million shares. For the year ended December 31, 2015, Nantong Chaoda Equipment Co.,Ltd. reported total assets of CNY 421.5 million, revenues of CNY 242.2 million, operating profit of CNY 51.9 million, net income of CNY 47.3 million and net assets of CNY 278.4 million. The deal has obtained approval from internal decision-making body of Nantong Zhongda Investment Management Center (Limited Partnership), shareholders of Nantong Chaoda Machinery and Technology Co., Ltd., Board of Directors and supervisory board of TianJin Motor Dies Co., Ltd. The deal requires further approval from shareholders of TianJin Motor Dies Co., Ltd. and CSRC. The Extraordinary General Meeting of TianJin Motor Dies Co., Ltd. seeking approval will take place on December 19, 2017. On December 19, 2017, the shareholders approved the deal. China Investment Securities Company Limited acted as financial advisor, Global Law Office acted as legal advisor and Jiangsu Talent CPA Co., Ltd. acted as accountant for TianJin Motor Dies Co., Ltd.
TianJin Motor Dies Co., Ltd. (SZSE:002510) cancelled the acquisition of Nantong Chaoda Machinery and Technology Co., Ltd. from seven sellers on March 30, 2017.
Nantong Chaoda Equipment Co Ltd is a China-based company mainly engaged in the production, research and development (R&D) and sales of automobile interior and exterior decoration molds. The company is also engaged in the R&D, production and sales of automobile inspection tools, automatic chemical equipment and parts. The automobile interior and exterior decoration molds mainly include automobile soft decoration molds and foam molds, which are mainly used to manufacture automobile ceiling, carpet, seat, side wall, door panel and others. The automobile inspection tools include all kinds of auto interior and exterior decoration assembly inspection tools, auto four door and two cover assembly inspection tools, auto main model matching inspection tools and others. The automatic chemical equipment and parts products include punching and cutting tooling equipment for automobile instrument panel, edge wrapping tooling equipment for automobile ceiling and others.