Ningbo Zhenhai Investment Co., Ltd. completed the acquisition of 30% stake in Zhejiang Dehong Automotive Electronic & Electrical Co.,Ltd. from Zhang Yuanyuan.
August 03, 2020
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Ningbo Zhenhai Investment Co., Ltd. signed a share transfer framework agreement to acquire 30% stake in Zhejiang Dehong Automotive Electronic & Electrical Co.,Ltd. (SHSE:603701) from Zhang Yuanyuan for CNY 1.1 billion on June 13, 2020. On June 30, 2020, an agreement was signed. Ningbo Zhenhai Investment Co., Ltd. will acquire 78.8 million shares at CNY 13.8 per share. The transaction was approved by the Board of Ningbo Zhenhai Investment. As of July 15, 2020, the transaction was approved by People's Government of Zhenhai District of Ningbo City and the State-owned Assets Management and Service Center of Zhenhai District of Ningbo City.
Ningbo Zhenhai Investment Co., Ltd. completed the acquisition of 30% stake in Zhejiang Dehong Automotive Electronic & Electrical Co.,Ltd. (SHSE:603701) from Zhang Yuanyuan on August 4, 2020. Post the completion of the transaction, Ningbo Zhenhai holds 78.78 million shares, representing 29.99% stake and Zhang Yuanyuan holds 32.42 million shares, representing 12.34% stake in the company.
Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd. is principally engaged in the research and development, manufacture and sales of automotive alternators. It also provides related technology services. The Company is targeted at middle and high market and its customers are mainly from engine plants and automobile plants. The Company's products cover eight series and about 300 major models. Its products are supporting commercial vehicles' engines and a variety of passenger cars, while a small amount of products support engineering machinery, agricultural machinery and other off-road machinery.
ZHEJIANG DEHONG AUTOMOTIVE ELECTRONIC & ELECTRICAL CO., LTD. 