Jiangsu Leili Motor Co., Ltd cancelled the acquisition of 60% stake in Changzhou Huiping Investment Group Co., Ltd. and 19.7% stake in Changzhou Xuexiang Telecommunication Component Co., Ltd from Wang Jianping and Wang Ziyu.
October 27, 2021
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Jiangsu Leili Motor Co., Ltd (SZSE:300660) agreed to acquire 60% stake in Changzhou Huiping Investment Group Co., Ltd. and 19.7% stake in Changzhou Xuexiang Telecommunication Component Co., Ltd from Wang Jianping and Wang Ziyu for approximately CNY 550 million on July 5, 2021. Under the terms, Jiangsu Leili Motor will issue 26.7 million shares. As of March 31, 2021, Changzhou Huiping and Changzhou Xuexiang had total assets of CNY 1.9 billion and net assets of CNY 685.5 million.
Jiangsu Leili Motor Co., Ltd (SZSE:300660) cancelled the acquisition of 60% stake in Changzhou Huiping Investment Group Co., Ltd. and 19.7% stake in Changzhou Xuexiang Telecommunication Component Co., Ltd from Wang Jianping and Wang Ziyu on October 27, 2021. The parties to the transaction failed to reach an agreement on the transaction plan and core terms, in order to fully protect and protect the interests of investors, the company has prudently studied and negotiated with the parties to the transaction and decided to terminate the second major asset restructuring event. The termination of this transaction does not affect the company?s existing business partnership with the underlying asset. On October 27, 2021, Jiangsu Leili Motor Co., Ltd held the sixth meeting of the third board of directors and reviewed and approved the "Proposal on Terminating the Issuance of Shares to Purchase Assets and Raising Supporting Funds and Related Transactions". The board of directors agreed to Jiangsu Leili Motor Co., Ltd's termination of this major asset reorganization. On October 27, 2021, Jiangsu Leili Motor Co., Ltd held the fifth meeting of the third board of supervisors. It reviewed and approved the "Proposal on Terminating Issuance of Shares to Purchase Assets and Raising Supporting Funds and Related Transactions". The independent directors issued pre-approved opinions and agreed independent opinions on the termination of this asset reorganization. The reorganization plan has not yet passed Jiangsu Leili Motor Co., Ltd?s shareholders? meeting for deliberation.
Jiangsu Leili Motor Co., Ltd is a China-based company principally engaged in the research, development, manufacture and sales of household electrical appliance micro-motors and intelligent components, as well as automobile motors and spare parts. The Companyâs main products include air conditioning motors and components, washing machine motors and components, refrigerator motors and components, dishwasher circulating pumps, treadmill motors, as well as automobile accessories and components. The Company distributes its products in domestic market and to overseas markets
Jiangsu Leili Motor Co., Ltd cancelled the acquisition of 60% stake in Changzhou Huiping Investment Group Co., Ltd. and 19.7% stake in Changzhou Xuexiang Telecommunication Component Co., Ltd from Wang Jianping and Wang Ziyu.