Zhejiang XCC Group Co.,Ltd agreed to acquire Zhejiang Hengjin Power Technology Co., Ltd from Zhejiang Hengying Power Technology Co., Ltd for CNY 93 million.
March 12, 2021
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Zhejiang XCC Group Co.,Ltd (SHSE:603667) agreed to acquire Zhejiang Hengjin Power Technology Co., Ltd from Zhejiang Hengying Power Technology Co., Ltd for CNY 93 million on March 12, 2021. Under the terms, the consideration will be paid in two installments. The first installment of CNY 75 million will be paid within 10 days of signing the agreement and the remaining CNY 18 million will be paid within ten working days after the completion of the registration procedure. Post the completion of the transaction, Zhejiang Hengjin will operate as a wholly owned subsidiary of Zhejiang XCC. Zhejiang Hengjin reported total assets and net assets of CNY 85.2 million for the year ended December 2020. The transaction is subject to approval by shareholders of Zhejiang XCC. The transaction has been approved by the Board of Zhejiang XCC on March 12, 2021. As on March 29, 2021, transaction is approved by the shareholder of Zhejiang XCC Group Co.,Ltd.
Zhejiang XCC Group Co., Ltd. is a China-based company principally engaged in the research, design, manufacture and distribution of bearing rings and finished bearings. Its bearing ring products include automobile bearing rings and non-automobile bearing rings. Its finished bearing products include precision automobile bearings, precision motor bearings and other bearings. The Company is also involved in the production of precision steel pipes. Its products are mainly applied in automobiles, motors, mechanized equipment and others. The Company distributes its products within domestic market and to overseas markets, including The Republic of Korea, Brazil, Europe and America, among others.
Zhejiang XCC Group Co.,Ltd agreed to acquire Zhejiang Hengjin Power Technology Co., Ltd from Zhejiang Hengying Power Technology Co., Ltd for CNY 93 million.
ZHEJIANG XCC GROUP CO.,LTD 
