Harbin Xiaojiuwo Economic and Trade Co., Ltd. signed an agreement to acquire 65% stake in Harbin Wanxiang Hafei Automobile Chassis System Co., Ltd. from Wanxiang Qianchao Co.,Ltd. for CNY 6.8 million.
July 27, 2021
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Harbin Xiaojiuwo Economic and Trade Co., Ltd. signed an agreement to acquire 65% stake in Harbin Wanxiang Hafei Automobile Chassis System Co., Ltd. from Wanxiang Qianchao Co.,Ltd. (SZSE:000559) for CNY 6.8 million on July 27, 2021. On the day after signing of this agreement, Harbin Xiaojiuwo paid the company an intention deposit of CNY 500,000 to purchase equity. Harbin Xiaojiuwo promises to pay the remaining 50% of the equity transfer payment (on the day when the industrial and commercial registration materials for the equity transfer under this agreement are submitted to the industrial and commercial authority. There is no need to submit it to Wanxiang Qianchao's general meeting of shareholders for deliberation. The transaction has been approved by the Board of Wanxiang Qianchao.
Wanxiang Qianchao Co., Ltd. is the Chinese leader in manufacturing and marketing automotive parts. The group's products include bearings, assembly cross, clutches, transmission and steering systems, etc.
China accounts for 80.2% of net sales.
Harbin Xiaojiuwo Economic and Trade Co., Ltd. signed an agreement to acquire 65% stake in Harbin Wanxiang Hafei Automobile Chassis System Co., Ltd. from Wanxiang Qianchao Co.,Ltd. for CNY 6.8 million.