Ningbo Huaxiang Equity Investment Co., Ltd. signed agreement to acquire 7.8% stake in Ningbo Huaxiang Electronic Co., Ltd. from Ningbo Fengmei Industrial Co., Ltd. for approximately CNY 630 million.
December 10, 2019
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Ningbo Huaxiang Equity Investment Co., Ltd. signed agreement to acquire 7.8% stake in Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) from Ningbo Fengmei Industrial Co., Ltd. for approximately CNY 630 million on December 10, 2019. Huaxiang Equity Investment will pay in cash. Huaxiang Equity Investment shall pay 30% of the above-mentioned share transfer price, namely CNY 189.5 million, within 30 working days from the date of signing this agreement. The remaining 70% of the share transfer price, namely CNY 442.1 million, shall be paid within 90 days from the completion of the transfer of the underlying shares.
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 Equity Investment Co., Ltd. signed agreement to acquire 7.8% stake in Ningbo Huaxiang Electronic Co., Ltd. from Ningbo Fengmei Industrial Co., Ltd. for approximately CNY 630 million.
NINGBO HUAXIANG ELECTRONIC CO., LTD. 
