Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd. completed the acquisition of an additional 19.99% stake in Hangzhou Advance Gearbox Group Co., Ltd. from Hangzhou Guangfa Technology Co.,Ltd.
May 12, 2022
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Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd. made an offer to acquire an additional 19.99% stake in Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) from Hangzhou Guangfa Technology Co.,Ltd. for approximately CNY 650 million on March 25, 2022. Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd. will acquire 79,971,900 shares in Hangzhou Advance Gearbox Group Co., Ltd. at a price CNY 8.13 per share. The tender offer period is 30 natural days, from April 7, 2022 to May 6, 2022. China Security Co., Ltd. (SHSE:600654) acted as financial advisor and T&C Law Firm acted as legal advisor to Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd.
Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd. completed the acquisition of an additional 19.99% stake in Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) from Hangzhou Guangfa Technology Co.,Ltd. on May 13, 2022. Post completion, Hangzhou Xiaoshan State Owned Assets Management now holds 180,056,250 shares, representing 45.01% stake in Hangzhou Advance Gearbox Group.
Hangzhou Advance Gearbox Group Co., Ltd. is a China-based company principally engaged in the manufacture and sales of general equipment. The Company's main products include marine gearboxes and marine propulsion systems, construction machinery gearboxes, wind turbines and industrial gearboxes, automotive transmissions, agricultural machinery gearboxes and drive axles, friction materials and friction plates, elastic couplings, as well as related castings, forgings and spare parts. The Company distributes its products in domestic market and to overseas markets.
Hangzhou Xiaoshan State Owned Assets Management Group Co.,Ltd. completed the acquisition of an additional 19.99% stake in Hangzhou Advance Gearbox Group Co., Ltd. from Hangzhou Guangfa Technology Co.,Ltd.
HANGZHOU ADVANCE GEARBOX GROUP CO., LTD. 
