Xingmin Intelligent Transportation Systems Co., Ltd. cancelled the acquisition of a 50.2857% stake in Wuhan Zhongke Xinwei Information Technology Co., Ltd. from Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) and Xinyu Saihe Investment Management Center (Limited Partnership).
February 21, 2022
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Xingmin Intelligent Transportation Systems (Group) Co., Ltd. (SZSE:002355) agreed to acquire 50.29% stake in Wuhan Zhongke Xinwei Information Technology Co., Ltd. from Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) and Xinyu Saihe Investment Management Center (Limited Partnership) for CNY 1.5 billion on May 28, 2021. As reported, Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) will sell 30.2857% stake for a consideration of 127.2 million shares while Xinyu Saihe Investment Management Center (Limited Partnership) will sell 20% stake for a consideration of approximately 84 million shares. Xingmin Intelligent Transportation Systems (Group) Co. will raise supporting funds of not more than CNY 923.4 million by issuing not more than 186.2 million shares to Qingdao Chuangjiang Environmental New Energy Technology Co., Ltd. at CNY 4.96 per share, and the proceeds will be used to carry out Wuhan Zhongke Xinwei Information Technology Co., Ltd.'s capital increase, pay the transaction's taxes and intermediary fees, and supplement working capital.
For the year ended December 31, 2020, Wuhan Zhongke Xinwei Information Technology Co. reported total assets of CNY 745.5 million, net assets of CNY 669.2 million, revenue of 0 and net loss of CNY 0.5 million. The acquisition is subject to Xingmin Intelligent Transportation Systems (Group) Co's shareholders' approval, the CSRC's approval, the second approval of Xingmin Intelligent Transportation Systems (Group) Co's Directorate after the Target Assets' Audit and Assessment Work are completed and other necessary approvals. The acquisition has receive the approvals of Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) and Xinyu Saihe Investment Management Center (Limited Partnership)' respective partners Meetings held on May 28, 2021 and the approval of the 16th Meeting of Xingmin Intelligent Transportation Systems (Group) Co's 5th Directorate held on May 28, 2021.
Xingmin Intelligent Transportation Systems (Group) Co., Ltd. (SZSE:002355) cancelled the acquisition of a 50.2857% stake in Wuhan Zhongke Xinwei Information Technology Co., Ltd. from Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) and Xinyu Saihe Investment Management Center (Limited Partnership) on February 21, 2022.
Xingmin Intelligent Transportation Systems (Group) Co., Ltd., formerly Shandong Xingmin Wheel Co., LTD., is a China-based company, principally engaged in the research and development, manufacture and distribution of automobile steel wheels. The Company mainly provides automobile steel wheels under the brand named Xingmin, including tubeless steel wheels and steel wheels with tube, among others. The Company also provides automotive information hardware products, as well as car networking system solutions and operational services. Its products and services also include on-board wireless and integrated products, driving design and services and scraps. The Company distributes its products within domestic market and to overseas markets.
Xingmin Intelligent Transportation Systems Co., Ltd. cancelled the acquisition of a 50.2857% stake in Wuhan Zhongke Xinwei Information Technology Co., Ltd. from Beijing Huan Bohai Zhenghong Enterprise Management Center (Limited Partnership) and Xinyu Saihe Investment Management Center (Limited Partnership).