Zhai Yajing and Liu Yahong completed the acquisition of additional 52% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd..
January 01, 2018
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Zhai Yajing and Liu Yahong signed a share transfer agreement to acquire an additional 52% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd. (SZSE:002547) for approximately CNY 110 million on December 4, 2017. Suzhou Chunxing Precision Mechanical Co., Ltd. will transfer 36.4% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. to Zhai Yajing for CNY 74.8 million, and will transfer 15.6% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. to Liu Yahong for CNY 32.1 million. After the completion of the transaction, Zhai Yajing will hold 70%, Liu Yahong will hold 30% and Suzhou Chunxing Precision Mechanical Co., Ltd. will not hold any stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. Xi'an Xinghang Aviation Manufacturing Co., Ltd. reported total assets of CNY 89.7 million and net assets of CNY 66.3 million as at December 31, 2016. Xi'an Xinghang Aviation Manufacturing Co., Ltd. reported revenues of CNY 46.3 million, EBIT of CNY 25.9 million and net profit of CNY 22.2 million in 2016. The transaction is subject to approval of the shareholders' of Suzhou Chunxing Precision Mechanical Co., Ltd. The Board of Directors of Suzhou Chunxing Precision Mechanical Co., Ltd. approved the transaction durng the 35th session of the 3rd directorate on December 6, 2017.
Zhai Yajing and Liu Yahong completed the acquisition of additional 52% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd. (SZSE:002547) on January 2, 2018.
SUZHOU CHUNXING PRECISION MECHANICAL CO., LTD is a China-based company, principally engaged in the research, development and manufacture of precision light metal structures, mobile radio frequency devices and stamping sheet metal parts. The Company's products include filter structures, radiator structures, automobile cooling system structures, filters, diplexers and combiners, among others. The Company's products are applied in communication equipment, automotives, consumer electronics and frequency converters and other fields. The Company distributes its products within domestic market and to overseas markets.
Zhai Yajing and Liu Yahong completed the acquisition of additional 52% stake in Xi'an Xinghang Aviation Manufacturing Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd..
SUZHOU CHUNXING PRECISION MECHANICAL CO., LTD. 
