Taiyuan Heavy Machinery Group Co., Ltd. agreed to acquire a 51% stake in TZ Binhai Heavy Machinery Co., Ltd. from Taiyuan Heavy Industry Co., Ltd. for approximately CNY 600 million.
June 12, 2021
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Taiyuan Heavy Machinery Group Co., Ltd. agreed to acquire a 51% stake in TZ (Tianjin) Binhai Heavy Machinery Co., Ltd. from Taiyuan Heavy Industry Co., Ltd. (SHSE:600169) for approximately CNY 600 million on June 11, 2021. The consideration of CNY 599,096,500 shall be paid as follows: (i) within 10 working days after the signing of the equity transfer agreement, Taiyuan Heavy Machinery Group shall pay Taiyuan Heavy Industry 60% of the equity transfer price, which is CNY 359,457,900; and (ii) within 10 working days after the equity delivery date, Taiyuan Heavy Machinery Group shall pay Taiyuan Heavy Industry 40% of the equity transfer price, which is CNY 239,638,600. TZ (Tianjin) Binhai Heavy Machinery reported total assets of CNY 7.3 billion, operating income of approximately CNY 530 million, and net loss of approximately CNY 250 million for the year ended December 31, 2020. The non-related directors of Taiyuan Heavy Industry unanimously approved the transaction. As of June 29, 2021, the transaction was approved by shareholders of Taiyuan Heavy Industry.
TAIYUAN HEAVY INDUSTRY CO.,LTD. is a China-based company, principally engaged in the manufacture and sales of heavy duty equipment. The Company's main products include excavators and coking devices, cranes, train axles and wheel-pairs, rolling mills and forging equipment, gear rotating machinery, coal chemical industry equipment, wind power equipment, oil film bearings and casting and forgings. Its products are applied in metallurgy, mining, energy, transportation, marine, aerospace, chemical, railway, shipbuilding, environmental protection and other industries. The Company distributes its products within domestic market and to overseas markets.
Taiyuan Heavy Machinery Group Co., Ltd. agreed to acquire a 51% stake in TZ Binhai Heavy Machinery Co., Ltd. from Taiyuan Heavy Industry Co., Ltd. for approximately CNY 600 million.
TAIYUAN HEAVY INDUSTRY CO., LTD. 
