Morn Holding Group Co., Ltd. completed the acquisition of 99.3% stake in Shanghai Morn Financial Leasing Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd..
July 01, 2021
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Morn Holding Group Co., Ltd. agreed to acquire 99.3% stake in Shanghai Morn Financial Leasing Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451) for approximately 310 million on May 7, 2021. As of March 31, 2021, Shanghai Morn Financial Leasing Co., Ltd. recorded total assets of CNY 318 million, net assets of CNY 315 million. The transaction has been approved by Board of Directors of Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451). The transaction is subjected to approval from shareholders of Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451).
Morn Holding Group Co., Ltd. completed the acquisition of 99.3% stake in Shanghai Morn Financial Leasing Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451) on July 1, 2021. The transaction was approved by shareholders of Shanghai Morn Electric Equipment Co., Ltd.
Shanghai Morn Electric Equipment Co., Ltd. is a China-based company principally involved in the research, development, manufacture and sales of electric wires and cables. The Company operates through two main segments. The Electric Cables segment is mainly engaged in the research, development, manufacture and sales of power cables, wires and cables for electrical equipment, bare wire and bare conductors, communication cables and optical cables and others. The Quasi Finance segment is mainly engaged in the financial leasing activities and commercial factoring activities.
Morn Holding Group Co., Ltd. completed the acquisition of 99.3% stake in Shanghai Morn Financial Leasing Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd..