Zhou Xiaofeng signed a Share Transfer Agreement to acquire an additional 5.99% stake in Ningbo Huaxiang Electronic Co., Ltd. from Ningbo Huaxiang Equity Investment Co., Ltd. for approximately CNY 560 million.
May 09, 2022
Share
Zhou Xiaofeng signed a Share Transfer Agreement to acquire an additional 5.99% stake in Ningbo Huaxiang Electronic Co., Ltd. (SZSE:002048) from Ningbo Huaxiang Equity Investment Co., Ltd. for approximately CNY 560 million on May 9, 2022. Under the terms, Zhou Xiaofeng will acquire 48,736,437 shares for CNY 11.53 per share totaling CNY 561.9 million of which 30% consideration equals CNY 168.6 million shall be paid within 30 working days from the date of signing the agreement, and the remaining 70% of the consideration equals CNY 393.4 million shall be paid within 90 working days from completion. Following completion, Ningbo Huaxiang Equity Investment Co., Ltd. will cease to have any stake in Ningbo Huaxiang Electronic whereas Zhou Xiaofeng's stake will increase from 11.05% to 17.03% in Ningbo Huaxiang Electronic.
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.
Zhou Xiaofeng signed a Share Transfer Agreement to acquire an additional 5.99% stake in Ningbo Huaxiang Electronic Co., Ltd. from Ningbo Huaxiang Equity Investment Co., Ltd. for approximately CNY 560 million.
NINGBO HUAXIANG ELECTRONIC CO., LTD. 
