Ningbo Shuanglin Auto Parts Co.,Ltd. cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd.
July 28, 2020
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Ningbo Shuanglin Auto Parts Co.,Ltd. (SZSE:300100) entered into an agreement to acquire an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd on July 29, 2019. As consideration, Ningbo Shuanglin Auto Parts Co.,Ltd. will transfer its 20% stake in Freetech (Hangzhou) Intelligent Systems Co., Ltd. for the 15% stake in Shandong Deyang Electronic Technology Co., Ltd. Through the transaction, Ningbo Shuanglin Auto Parts Co.,Ltd. will increase its stake in Shandong Deyang Electronic Technology Co., Ltd. from 51% to 66%.
For the year ending December 31, 2018, Shandong Deyang Electronic Technology Co., Ltd reported revenues of CNY 24.17 million, total assets of CNY 49.7 million, operating loss of CNY 184.20 million, net loss of CNY 185.36 million and negative owner's equity of CNY 24.55 million. This proposal still needs to be approved by the Ningbo Shuanglin Auto Parts Co.,Ltd.’s shareholders’ meeting. On July 29, 2019, the 11th session of the Ningbo Shuanglin Auto Parts Co.,Ltd.’s 5th directorate approved the proposal on the share exchange.
Ningbo Shuanglin Auto Parts Co.,Ltd. (SZSE:300100) cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd on July 29, 2020.
Ningbo Shuanglin Auto Parts Co Ltd is a China-based company engaged in the research and development, manufacturing and sales of automotive parts. The Company operates mainly through four business segments. The Interior and Exterior and Electromechanical Components segment mainly produces automotive interior and exterior system components, including bumpers, door panels and pillars. Automotive precision injection molding parts include airbag covers, oil drums and ignition coils. The segment produces automotive injection molds. The Hub Bearing Components segment mainly develops, produces and sells automotive bearings and car hub bearing units. The New Energy Motors segment is engaged in the research and development, production and sales of electric drive systems for new energy electric vehicles, and its products include drive motors and automatic transmissions. The Other segment produce automotive seat horizontal drives, ball screws and seat motors.
Ningbo Shuanglin Auto Parts Co.,Ltd. cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd.