Weichai's 685 million full-purchase subsidiary solidifies the dominant position of heavy trucks
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Weichai Power (2338) announced yesterday that it will fully acquire a 55% interest in its subsidiary, Weichai Power, for 685 million yuan (RMB, the same below), increasing its equity from 45% to 100%. After the completion of the acquisition, Weichai Power Investment will become a wholly-owned subsidiary of Weichai Power. This will not only increase the interest of Weichai Power to hold the Torch Motor Group Co., Ltd., but also further strengthen the company's dominant position in the heavy truck market.
Tan Xuguang, chairman of Weichai Power, stated that after the completion of the transaction, it will further consolidate the company’s position as the single largest shareholder of the Hunan Torch, and in the future, it will be able to complement each other in a larger scope.
In addition, through this acquisition, Weichai Power will be able to explore potential business opportunities in the near future and maximize synergies with the Hunan Torch to further consolidate its dominant position in the heavy truck market and facilitate its continued growth in the future. .
After the acquisition, Weichai Power's interest in Hunan Torch Motor Group Co., Ltd. will increase from 12.69% to 28.12%. According to the audited accounts, the net asset value of Weichai Power Investment as of the end of last year was 1.247 billion yuan. The company's registered capital is 1.245 billion yuan.
Hunan Torch owns a 51% stake in Shaanxi Heavy Vehicle Corporation. Shaanxi Zhongqi is one of the top five heavy vehicle manufacturers in the country and is also one of the major customers of Weichai Power. After the completion of the acquisition, not only will Weichai Power more effectively consolidate customer relationships with Shaanxi Zhongqi. In addition, it will help Weichai Power enter the international cooperation field of production, procurement and sales of Auto Parts.
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