Luoyang Xinqianglian Slewing Bearing Co., Ltd. completed the acquisition of Luoyang Haozhi Machinery Co.,Ltd.
December 19, 2021
Share
Luoyang Xinqianglian Slewing Bearing Co., Ltd. (SZSE:300850) intends to acquire a 55% stake in Luoyang Haozhi Machinery Co.,Ltd from Song Guozhi, Yan Longxiang, Zou Mingjian, Qin Jianke, Ji Fengqi and Geng Yongqiang for approximately CNY 180 million on December 9, 2021. Under the terms, Luoyang Xinqianglian will pay 70% of the consideration within 10 working days after the completion and the remaining 30% in three installments of 10% each subject to 2022, 2023 and 2024 promised net profit. The performance consideration shall not be less than CNY 40 million. Following completion, Luoyang Xinqianglian will hold 55% stake, Song Guozhi will 37%, Yan Longxiang will hold 5% and Qin Jianke will hold 3% stake in Luoyang Haozhi Machinery. Luoyang Xinqianglian will use own funds of CNY 176 million to finance the transaction. As of September 30, 2021, Luoyang Haozhi Machinery reported Total assets of CNY 203.2 million and Net assets of CNY 124.3 million. Luoyang Xinqianglian will appoint 2 director and Song Guozhi, Yan Longxiang and Qin Jianke shall appoint 1 director of Luoyang Haozhi Machinery. The transaction is approved by the board of Luoyang Xinqianglian.
Luoyang Xinqianglian Slewing Bearing Co., Ltd. (SZSE:300850) completed the acquisition of Luoyang Haozhi Machinery Co.,Ltd on December 20, 2021.
Luoyang Xinqianglian Slewing Bearing Co Ltd is a China-based company mainly engaged in research, development, production and sales of large-scale slewing bearings and industrial forgings. The Company operates two business segments. The Slewing Bearing segment is engaged in the production and sale of slewing bearing products. The Forging segment is engaged in the production and sale of ring forging products. The Company's main products include wind power spindle bearings, yaw bearings, pitch bearings, shield machine bearings and key parts, offshore engineering equipment crane slewing bearings and forgings. Its products are mainly used in fields such as wind turbines, shield machines, offshore equipment and construction machinery. The Company conducts its businesses within the domestic market and to overseas markets.
LUOYANG XINQIANGLIAN SLEWING BEARING CO., LTD. 
