Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (SZSE:000922) entered into agreement to acquire 51% stake in Harbin Electric Power Equipment Company Limited from Harbin Electric Company Limited (SEHK:1133) for approximately CNY 400 million on July 18, 2023. Power Equipment Company reported profit after tax of CNY 59.129 million and net asset of CNY 502.872 million as at December 31, 2023. The transaction is subject to the approval from board of directors and at a shareholders meeting of Jiamusi Electric. The transaction has been approved by the board of Harbin Electric Company, Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd and by the State Administration of Science, Technology and Industry for National Defence of the PRC. The transaction will be completed within 20 days after the conditions have been met.
China United Assets Appraisal Group Co., Ltd. acted as independent valuer in the transaction. Wang Yifei, Shi Haipeng, and Xia Xiuxiang of CSC Financial Co., Ltd. acted as financial advisor and Cheng Yiqun and Gao Yao of Commerce & Finance Law Offices acted as legal advisor to Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd. Gao Xiangjun and Song Guangli of Zhonghuan Huahai Certified Public Accountants Co., Ltd. acted as accountant to Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd. As of October 31, 2023, The deal has been approved by shareholders of Harbin Electric Company Limited (SEHK:1133).

Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (SZSE:000922) completed the acquisition of 51% stake in Harbin Electric Power Equipment Company Limited from Harbin Electric Company Limited (SEHK:1133) on November 28, 2023.