XCMG Construction Machinery Co., Ltd. agreed to acquire XCMG Engineering Machinery Co. Ltd. from group of sellers.
For the year ending on June 30, 2021, XCMG Engineering Machinery reported Total assets of CNY 169.0371142 billion and owners' equity of CNY 29.8474293 billion. The transaction is subject to approval of State-owned Assets Supervision and Administration Commission of Jiangsu Province, China Securities Regulatory Commission, and shareholders of XCMG Construction. The anti-monopoly department has passed the review of the concentration of business operators involved in this transaction. The transaction was approved at the 43rd meeting of the 8th Board of Directors of the XCMG Construction. As of November 8, 2021, State-owned Assets Supervision and Administration Commission of Jiangsu Province approved the transaction. As of May 27, 2022, the China Securities Regulatory Commission approved the transaction conditionally. As of July 8, 2022, XCMG Construction received CSRC's Approval, which is valid for 12 months.
Zhang Youjun, Gao Shibo, Sihan, Yang Jun, Xie Yuhao, Hu Yunzhi, Feng Ziqiang, Wang Xiangcheng, Jiang Haina, Qi Zeyu, Jin Yipan, Yang Weihao, Cheng Yachen and Zou Jianhui of CITIC Securities Co., Ltd. and Jiang Yu, Liao Jun, Zuo Di, Jiang Haiyang, Luan Hongfei, Li Kai, Chen Zi, Zhu Feng, Li Anqi, Liu Xue, Ji Yudao, Zheng Zhe, Lian Ke, Pan Peixian and Lei Chenxi of Huatai United Securities Co., Ltd. acted as financial and fairness opinion provider of XCMG Construction. Gu Gongyun, Dong Junnan, Bu Ping and Lu Weiwen of AllBright Law Offices acted as legal adviser of XCMG Construction. Jiangsu Talent CPA Co., Ltd. acted as accountant to XCMG Engineering Machinery.