Ningbo Huaxiang Electronic Co., Ltd. cancelled the acquisition of the remaining 50% stake in Ningbo Antolin Huaxiang Auto Parts Co., Ltd. from Grupo Antolín Irausa, S.A.
June 15, 2017
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Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) agreed to acquire the remaining 50% stake in Ningbo Antolin Huaxiang Auto Parts Co., Ltd. from Grupo Antolín Irausa, S.A. for approximately CNY 120 million on June 16, 2016. In a related transaction, Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) agreed to acquire remaining 50% in Yangzhou Antolin Huaxiang Auto Parts Co., Ltd. from Grupo Antolín Irausa, S.A. for CNY 46 million. For the year ended December 31, 2015, Yangzhou Antolin Huaxiang Auto Parts Co., Ltd. reported total assets of CNY 905.3 million, net assets of CNY 325.4 million, revenue of CNY 1.3 billion and net profit of CNY 117.2 million. The transaction is subject to approval from shareholders of Ningbo Huaxiang Electronic Co., Ltd. The transaction was approved by Board of Directors of Ningbo Huaxiang Electronic Co., Ltd. On July 12, 2016, the transaction was approved by shareholders of Ningbo Huaxiang Electronic Co., Ltd.
Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) cancelled the acquisition of the remaining 50% stake in Ningbo Antolin Huaxiang Auto Parts Co., Ltd. from Grupo Antolín Irausa, S.A. on June 16, 2017.
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 the remaining 50% stake in Ningbo Antolin Huaxiang Auto Parts Co., Ltd. from Grupo Antolín Irausa, S.A.
NINGBO HUAXIANG ELECTRONIC CO., LTD. 
