Luoyang Xinqianglian Slewing Bearing Co., Ltd. completed the acquisition of 51.145% stake in Luoyang Shengjiu Forging Co., Ltd. from Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (L.P.), Qingdao Chirui Investment Management Center (Limited Partnership), Qingdao Qiandao Ronghui Investment Management Center (Limited Partnership) and Fan Weihong.
September 03, 2023
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Luoyang Xinqianglian Slewing Bearing Co., Ltd. (SZSE:300850) agreed to acquire 51.145% stake in Luoyang Shengjiu Forging Co., Ltd. from Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (L.P.), Qingdao Chirui Investment Management Center (Limited Partnership), Qingdao Qiandao Ronghui Investment Management Center (Limited Partnership) and Fan Weihong for CNY 971.76 million on December 23, 2022. The consideration of CNY 242.94 million will be paid in cash and CNY 728.82 million through issuance of shares. The number of shares to be issued for this asset acquisition is 15.62 million. The company will issue A shares to no more than 35 investors to raise supporting funds of not more than CNY 350 million. The board of directors of Luoyang Xinqianglian Slewing Bearing approved the transaction. On December 23, 2022 Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (L.P.)?s Investment Committee approved this transaction and on December 27, 2022, the Investment Committee of Qingdao Chirui Investment Management Center (Limited Partnership) and Qingdao Qiandao Ronghui Investment Management Center (Limited Partnership) approved this transaction. The transaction is subject to approval from acquirer shareholders, Shenzhen Stock Exchange and CSRC. Shengjiu Forging recorded total assets of CNY 1.43 billion and net assets of CNY 1.09 billion as of September 30, 2022. Dongxing Securities Corporation Limited (SHSE:601198) acted as financial advisor, GF Law Firm acted as legal advisor and Moore Stephens Da Hua acted as accountant to Luoyang Xinqianglian Slewing Bearing Co., Ltd. On March 16, 2023, the company?s 1st special shareholders? meeting for 2023 approved the acquisition of asset through share issuance and cash payment and raising of supporting funds report. As of June 28, 2023, Shenzhen Stock Exchange Merger and Acquisition and Restructuring Review Committee has approved the transaction. The transaction is pending approval from the China Securities Regulatory Commission. As of August 23, 2023, The deal has been approved from China Securities Regulatory Commission.
Luoyang Xinqianglian Slewing Bearing Co., Ltd. (SZSE:300850) completed the acquisition of 51.145% stake in Luoyang Shengjiu Forging Co., Ltd. from Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (L.P.), Qingdao Chirui Investment Management Center (Limited Partnership), Qingdao Qiandao Ronghui Investment Management Center (Limited Partnership) and Fan Weihong on September 4, 2023.
Luoyang Xinqianglian Slewing Bearing Co Ltd is a China-based company mainly engaged in research, development, production and sales of large-scale slewing bearings and industrial forgings. The Company operates two business segments. The Slewing Bearing segment is engaged in the production and sale of slewing bearing products. The Forging segment is engaged in the production and sale of ring forging products. The Company's main products include wind power spindle bearings, yaw bearings, pitch bearings, shield machine bearings and key parts, offshore engineering equipment crane slewing bearings and forgings. Its products are mainly used in fields such as wind turbines, shield machines, offshore equipment and construction machinery. The Company conducts its businesses within the domestic market and to overseas markets.
Luoyang Xinqianglian Slewing Bearing Co., Ltd. completed the acquisition of 51.145% stake in Luoyang Shengjiu Forging Co., Ltd. from Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (L.P.), Qingdao Chirui Investment Management Center (Limited Partnership), Qingdao Qiandao Ronghui Investment Management Center (Limited Partnership) and Fan Weihong.