Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd entered into agreement to acquire 51% stake in Harbin Electric Power Equipment Company Limited from Harbin Electric Company Limited for approximately CNY 400 million.
China United Assets Appraisal Group Co., Ltd. acted as independent valuer in the transaction. Wang Yifei, Shi Haipeng, and Xia Xiuxiang of CSC Financial Co., Ltd. acted as financial advisor and Cheng Yiqun and Gao Yao of Commerce & Finance Law Offices acted as legal advisor to Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd. Gao Xiangjun and Song Guangli of Zhonghuan Huahai Certified Public Accountants Co., Ltd. acted as accountant to Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd. As of October 31, 2023, The deal has been approved by shareholders of Harbin Electric Company Limited (SEHK:1133).