Ningbo Huaxiang Electronic Co., Ltd. signed an agreement to acquire remaining 2.4% stake in Changchun Huaxiang Car Silencer Co., Ltd. from Yang Jun for CNY 90.2 million.
August 26, 2019
Share
Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) signed an agreement to acquire remaining 2.4% stake in Changchun Huaxiang Car Silencer Co., Ltd. from Yang Jun for CNY 90.2 million on August 26, 2019. Post completion of the transaction, Changchun Huaxiang Car Silencer Co., Ltd. will become the wholly-owned subsidiary of Ningbo Huaxiang Electronic Co., Ltd. For the year ended December 31, 2018, Changchun Huaxiang Car Silencer Co., Ltd. reported total assets of CNY 3.6 billion, net assets of CNY 2.28 billion, total revenues of CNY 2.62 billion, operating profit of CNY 142.2 million, total profit of CNY 142.2 million and net profit of CNY 139.5 million. The transaction was approved by the board of directors of Ningbo Huaxiang Electronic Co., Ltd. in its 6th directorate’s 24th meeting.
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. signed an agreement to acquire remaining 2.4% stake in Changchun Huaxiang Car Silencer Co., Ltd. from Yang Jun for CNY 90.2 million.
NINGBO HUAXIANG ELECTRONIC CO., LTD. 
