Shanghai Sinotec Co., Ltd. completed the acquisition of 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership)
December 19, 2022
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Shanghai Sinotec (Group) Co., Ltd. (SHSE:603121) entered into an investment agreement to acquire 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership) for CNY 250 million on November 15, 2022. As of December 2021, Wuxi Shengbang reported total assets of CNY 301.43 million and net assets of CNY 62.831 million.
Shanghai Sinotec (Group) Co., Ltd. (SHSE:603121) completed the acquisition of 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership) on December 20, 2022
Shanghai Sinotec Co., Ltd. is a China-based company which mainly engaged in research, development, production and sales of key components of turbochargers. The Company supplies parts and components to auto parts suppliers. The Company's main products are the bleed valve assembly products, the turbine casing and the intermediate casing products and other components. The bleed valve assembly product is mainly composed of a cover plate, a connecting plate and a bushing. The Company mainly distributes its products in China and overseas markets.
SHANGHAI SINOTEC CO., LTD. 
