Jiangsu Tongli Risheng Machinery Co., Ltd. completed the acquisition of a 33.77% stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership) and Jiusheng Xihua Investment Partnership Enterprise (Limited Partnership).
May 11, 2022
Share
Jiangsu Tongli Risheng Machinery Co., Ltd. (SHSE:605286) signed equity acquisition intent agreement to acquire unknown stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership) and Jiusheng Xihua (Zhuhai) Investment Partnership Enterprise (Limited Partnership) on September 30, 2021. Jiangsu Tongli Risheng Machinery Co., Ltd. signed equity transfer agreement to acquire 33.77% stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership) and Jiusheng Xihua (Zhuhai) Investment Partnership Enterprise (Limited Partnership) for CNY 240 million on March 17, 2022. As per the transaction, Jiangsu Tongli Risheng Machinery Co., Ltd. will acquire 14.07% from Jiusheng Xihua (Zhuhai) Investment Partnership Enterprise (Limited Partnership) and 19.7% stake from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership). The consideration will be in cash and stock. As per the revised terms the transaction will be paid in cash. In a related transaction, Jiangsu Tongli Risheng Machinery Co., Ltd. will carry out a capital increase in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. After the completion of both the transaction, Jiangsu Tongli Risheng Machinery will own 51% stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. In December 2021, Jiangsu Tongli Risheng Machinery Co., Ltd. paid CNY 100 million in advance to Jiusheng Xihua (Zhuhai). As on December 31, 2021, Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. generated total assets of CNY 373.2 million, net assets of CNY 187.8 million, operating income of CNY 383.7 million and net profit of CNY 64.4 million. The transaction has been approved by the shareholders of Jiangsu Tongli Risheng Machinery Co., Ltd. via a meeting held on May 9, 2022.
Jiangsu Tongli Risheng Machinery Co., Ltd. (SHSE:605286) completed the acquisition of a 33.77% stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership) and Jiusheng Xihua (Zhuhai) Investment Partnership Enterprise (Limited Partnership) on May 12, 2022.
Jiangsu Tongli Risheng Machinery Co Ltd is a China-based company mainly engaged in the research and development, manufacture and sales of elevator components and elevator metal materials. The Company's main products include three types: escalator parts, elevator parts and elevator metal materials. Its products include outer covering parts, drive systems, hoistway parts and car parts. The Company's elevator components are applied in domestic projects such as subways, high-speed railways, airports, residential buildings, shopping malls and public welfare facilities. The Company mainly distributes its products within domestic market.
Jiangsu Tongli Risheng Machinery Co., Ltd. completed the acquisition of a 33.77% stake in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. from Beijing Hehui Chuangying New Energy Partnership Enterprise (Limited Partnership) and Jiusheng Xihua Investment Partnership Enterprise (Limited Partnership).
JIANGSU TONGLI RISHENG MACHINERY CO., LTD. 
