Xiamen Tungsten Co., Ltd. cancelled the acquisition of Xi’an Yingweiteng Motor Co., Ltd from Shenzhen INVT Electric Co.,Ltd and others.
December 06, 2019
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Xiamen Tungsten Co., Ltd. (SHSE:600549) signed a share transfer agreement to acquire Xi'an Yingweiteng Motor Co., Ltd from Shenzhen INVT Electric Co.,Ltd (SZSE:002334) and others for CNY 35 million on December 7, 2018. As of March 21, 2019, parties signed share transfer agreement supplement agreement and the transfer price is revised to CNY 29.9 million. For the December 31, 2017, Xi'an Yingweiteng Motor Co., Ltd reported total assets of CNY 33.5 million, revenue of CNY 12.6 million, net assets of CNY 14.2 million and net loss of CNY 4.3 million.
The transaction is subject to approval by shareholders of Xiamen Tungsten. The transaction has been approved in the 6th Meeting of Shenzhen INVT Electric's 5th Directorate held on December 7, 2018, and does not need the shareholders approval of Shenzhen INVT Electric. The board of Xiamen Tungsten approved the transaction. As of December 24, 2018, the shareholders of Xiamen Tungsten approved the transaction. Shenzhen INVT Electric Co.,Ltd board approved the supplementary agreement to the share transfer agreement on March 21, 2019.
Xiamen Tungsten Co., Ltd. (SHSE:600549) cancelled the acquisition of Xi'an Yingweiteng Motor Co., Ltd from Shenzhen INVT Electric Co.,Ltd (SZSE:002334) and others on December 7, 2019.
SHENZHEN INVT ELECTRIC CO., LTD is a China-based company principally engaged in the research and development, manufacture and sales of industrial automation, network power, as well as energy and power products. The Company main products include frequency converters, uninterrupted power supplies (UPSs) and motor controllers. The Company also provides industrial Internet of Things (IoT) solutions, servo systems, high-efficiency motors, new energy automotive powertrain systems, main motor controllers, auxiliary motor controllers, drive motors, onboard charging power supplies, charging piles, data center infrastructure and others. The Company's products are applied in lifting, machine tool, elevator, petroleum, metal product, wire and cable, plastic and printing packaging and other fields.
SHENZHEN INVT ELECTRIC CO.,LTD 
