Hubei Sanhuan Whole Set Trading Co., Ltd. cancelled the acquisition of remaining 50% stake in Hubei Tri-Ring Xiangzhou Equipment Technology Co., Ltd. from Xiangyang Automobile Bearing Co., Ltd..
April 25, 2020
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Hubei Sanhuan Whole Set Trading Co., Ltd. agreed to acquire remaining 50% stake in Hubei Tri-Ring Xiangzhou Equipment Technology Co., Ltd. from Xiangyang Automobile Bearing Co., Ltd. (SZSE:000678) for CNY 6 million on April 26, 2019. Post completion Hubei Sanhuan Whole Set Trading Co., Ltd. will hold 100% stake in Hubei Tri-Ring Xiangzhou Equipment Technology Co., Ltd. As of December 31, 2018, Hubei Tri-Ring Xiangzhou Equipment Technology Co., Ltd reported total assets of CNY 45.4 million, net assets of CNY 12 million, operating revenue of CNY 10.5 million, operating profit of CNY 0.45 million and net profit of CNY 0.34 million. The transaction is subject to the approval by the shareholders of Xiangyang Automobile Bearing Co., Ltd. As of April 26, 2019, Board of Directors of Xiangyang Automobile Bearing Co., Ltd. approved the transaction.
Hubei Sanhuan Whole Set Trading Co., Ltd. cancelled the acquisition of 50% stake in Hubei Tri-Ring Xiangzhou Equipment Technology Co., Ltd. from Xiangyang Automobile Bearing Co., Ltd. (SZSE:000678) on April 26, 2020.
XIANGYANG AUTOMOBILE BEARING COMPANY., LTD is a China-based company principally engaged in the manufacture, research and development, sales of bearings and accessories, automobile spare parts, mechanical and electronic devices, bearing equipment and components. The Company mainly provides bearings and universal joints, including deep groove ball bearings, needle bearings, cylindrical roller bearings, clutch separate bearings, tapered roller bearings, cross shafts, automobile hub bearings, constant velocity universal joints and others. The Company mainly distributes its products in domestic and overseas markets.
XIANGYANG AUTOMOBILE BEARING CO., LTD. 
