Rongsheng took over the entire Quanchai Diesel power change door

The H-share listed company Rongsheng Heavy Industries Co., Ltd. spent 2.149 billion yuan through its controlling subsidiary, fully accessing Quanchai Group , a wholly-owned subsidiary of Quanjiao County, Bozhou, Anhui Province, and preparing another 2.619 billion yuan to launch Quanchai Power, an A-share listed company of Quanchai Group . The full tender offer. The acquisition of the shares will make this private equipment manufacturing giant located in the east even more powerful.

Rongsheng Heavy Industry announced on the Hong Kong Stock Exchange on April 24 that Jiangsu Rongsheng, a subsidiary with a controlling 96.09%, successfully won the bid with 2.149 billion yuan and acquired all the equity of Quanchai Group. In addition, this acquisition will trigger the tender offer. Jiangsu Rongsheng will launch a tender offer for Quanchai Power, which is held by the company, at a price of RMB 16.62 per share. The maximum purchase price will be RMB 2.619 billion. Quanchai Power closed at 20.89 yuan/share before trading on March 10th.

The announcement stated that the major assets of Quanchai Group are its 44.39% stake in Quanchai Power. The data shows that as of December 31, 2010, the unaudited net assets of Quanchai Group were RMB 1.929 billion, and the net profit after tax will reach RMB 138 million.

The Quanjiao County Government has set a very high threshold for this transfer, including a registered capital of not less than 3.5 billion yuan, a continuous profit in the last three years and a net profit of not less than 1.5 billion yuan, and shall not be associated with Quanchai Group in the high-speed diesel sector. Anhui Quanchai Power Co., Ltd. constitutes peer competition. Under such conditions, only a few companies in the industry, such as Rongsheng Heavy Industry and Yuchai Group, are expected to win the election. Now that Rongsheng Heavy Industry has announced the successful bid announcement, it undoubtedly confirms the previous market speculation.

This acquisition can be considered as a "North-North cooperation" in the domestic equipment manufacturing industry. When the Quanjiao County Government listed the Quanchai Group on a transfer basis, it asked the transferee to submit a strategic development plan for the Quanchai Group to ensure that the Quanchai Group achieved an annual sales income of more than RMB 10 billion within three years after the success of the transfer. Rongsheng Heavy Industry disclosed the 2010 annual report a month ago. During the reporting period, it achieved an operating income of 12.665 billion yuan. If we can achieve the goal of 10 billion yuan in annual sales revenue of Quanchai Group within three years, Rongsheng’s operation will undoubtedly also be upgraded.

Rongsheng Heavy Industry stated that this transaction will give the company an advantage as a diversified heavy industry integrated enterprise. Rongsheng Heavy Equipment has the ability to produce low-speed diesel engines. Through the control of Quanchai Power, it will strengthen the company's competitiveness in the production of high-speed diesel engine market. In addition, this transaction will also enable the company to obtain stable and reliable supply of engine parts, which will help the company's construction machinery business continue to grow.

The Quanjiao County government not long ago held the entire equity of the Quanchai Group at a total price of 2.149 billion yuan at the Anhui Provincial Property Rights Trading Center; Quanchai Power also suspended the company because of changes in the company’s actual controllers. The company is not yet involved in the Rongsheng Heavy Industry. The announcement was made.

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