Ningbo Huaxiang Electronic Co., Ltd. cancelled the acquisition of 10% stake in Changchun FAW Sihuan Group Ltd. from Ningbo Fengmei Industrial Co., Ltd.
November 19, 2019
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Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) signed an equity transfer agreement to acquire 10% stake in Changchun FAW Sihuan Group Ltd. from Ningbo Fengmei Industrial Co., Ltd. for CNY 390 million on October 29, 2018. Payment will be done in installments, 1st installment of approximately CNY 270 million payable within 30 days since signing of the respective agreement and a 2nd installment of approximately CNY 120 million payable within 90 days since signing of the respective agreement. During the financial year ended December 2017, Changchun FAW Sihuan Group Ltd. reported total assets of CNY 4.9 billion, shareholders equity of CNY 2.3 billion, revenue of CNY 5.25 billion and net profit of CNY 547 million. The transaction has been approved by the Board of Ningbo Huaxiang Electronic Co., Ltd.
Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) cancelled the acquisition of 10% stake in Changchun FAW Sihuan Group Ltd. from Ningbo Fengmei Industrial Co., Ltd. on November 20, 2019.
Ningbo Huaxiang Electronic Co., Ltd. is a China-based company, principally engaged in the design, development, manufacture and distribution of automobile components. The Company's main products consist of interior and exterior trims, including instrument panels, center channel assemblies, front and rear windshields, spoilers, roofs, bellows; automotive chassis accessories; air-conditioning accessories; automotive engine accessories; automotive electrical and electronic accessories; metal stampings and others. The main supporting models of its products include BMW 3, 5 and X series; Mercedes-Benz C-Class and E Class series, and Tiguan, New Passat, New Sunny, Audi Q5, Audi A6L, Sagitar, Golf A7, Skoda, Roewe, Crown, Reiz, Corolla, Teana and others. The Company distributes its products within domestic market and to overseas markets.
Ningbo Huaxiang Electronic Co., Ltd. cancelled the acquisition of 10% stake in Changchun FAW Sihuan Group Ltd. from Ningbo Fengmei Industrial Co., Ltd.
NINGBO HUAXIANG ELECTRONIC CO., LTD. 
