Shanghai Highly Co., Ltd. cancelled the acquisition of remaining 25% stake in Shanghai Highly Electric Co., Ltd. from Johnson Controls-Hitachi Air Conditioning Trading (Hong Kong) Limited.
April 06, 2021
Share
Shanghai Highly (Group) Co., Ltd. (SHSE:900910) agreed to acquire remaining 25% stake in Shanghai Highly Electric Co., Ltd. from Johnson Controls-Hitachi Air Conditioning Trading (Hong Kong) Limited for approximately CNY 760 million on April 7, 2020. The consideration shall be paid in cash in one single installment. Post completion Shanghai Highly Electric Co., Ltd. will become the wholly owned subsidiary of Shanghai Highly (Group) Co., Ltd. For the year ending December 31, 2020, total asset, net asset, revenue and net profit of Shanghai Highly Electric Co., Ltd. was approximately CNY 8.7 billion, approximately CNY 3 billion, approximately CNY 9.8 billion and approximately CNY 250 million respectively. The transaction was approved by the board of directors of Shanghai Highly (Group) Co., Ltd. at the 16th meeting of the 8th directorate on April 7, 2020. The transaction is subjected to the approval of shareholders of Shanghai Highly (Group) Co., Ltd.
Shanghai Highly (Group) Co., Ltd. (SHSE:900910) cancelled the acquisition of remaining 25% stake in Shanghai Highly Electric Co., Ltd. from Johnson Controls-Hitachi Air Conditioning Trading (Hong Kong) Limited on April 7, 2021.
SHANGHAI HIGHLY (GROUP) CO., LTD. is a China based company principally engaged in the research and development, production and sales of compressors and related refrigeration equipments. The Company operates its business through three segments. The Compressors and Related Refrigeration Equipments segment is mainly engaged the production and sales of refrigeration rotor compressors, automotive scroll compressors and refrigeration equipments. The Motor segment is mainly engaged in the production and sales of compressor motors. The Trading and Leasing segment is principally engaged in the import and export of various kinds of goods and technologies, the sales of refrigeration equipments and components, auto parts, steel products and refrigeration related products as well as the leasing of houses. The Company operates its business in the domestic market and overseas markets.
Shanghai Highly Co., Ltd. cancelled the acquisition of remaining 25% stake in Shanghai Highly Electric Co., Ltd. from Johnson Controls-Hitachi Air Conditioning Trading (Hong Kong) Limited.
SHANGHAI HIGHLY (GROUP) CO., LTD. 