Chongqing Electromechanical announced on the 6th that the company passed a resolution of the board of directors and authorized the general manager to purchase the shares of Minjiang Gear and Minjiang Quefang on the Chongqing United Assets and Equity Exchange. If the transaction is realized, it will constitute a discloseable transaction under Chapter 14 of the Listing Rules.
Chongqing Electromechanical disclosed that the company currently holds 49% and 23.52% of the equity interests in Minjiang Gear and Minjiang Luya, and the transaction will help the company strengthen its business vehicle parts manufacturing business. The total investment that Chongqing Electromechanical is expected to trade is 257 million yuan, and the company will use part of the IPO financing. In June last year, as a reconstruction concept stock, Chongqing IPC's initial public offering was sought after by investors, IPO net fundraising amounted to 1.116 billion Hong Kong dollars.
According to reports, Yu Jiang Gear Company was formerly known as the Yu Jiang Gear Factory, which was founded in 1928. In December 2002, the torch under the Delong system was sponsored. In June 2005, due to the Deron crisis, the Hunan Torch withdraws from the Shanghai Electric. [6.58 10.03%] became a strategic shareholder of the new party for RMB 21,232 million.
On the 6th, Chongqing Electrical Machinery Co., Ltd. rose 4.62% to close at HK$0.68.
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