Ningbo Shuanglin Auto Parts Co.,Ltd. cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd.
July 28, 2020
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Ningbo Shuanglin Auto Parts Co.,Ltd. (SZSE:300100) entered into an agreement to acquire an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd on July 29, 2019. As consideration, Ningbo Shuanglin Auto Parts Co.,Ltd. will transfer its 20% stake in Freetech (Hangzhou) Intelligent Systems Co., Ltd. for the 15% stake in Shandong Deyang Electronic Technology Co., Ltd. Through the transaction, Ningbo Shuanglin Auto Parts Co.,Ltd. will increase its stake in Shandong Deyang Electronic Technology Co., Ltd. from 51% to 66%.
For the year ending December 31, 2018, Shandong Deyang Electronic Technology Co., Ltd reported revenues of CNY 24.17 million, total assets of CNY 49.7 million, operating loss of CNY 184.20 million, net loss of CNY 185.36 million and negative owner's equity of CNY 24.55 million. This proposal still needs to be approved by the Ningbo Shuanglin Auto Parts Co.,Ltd.’s shareholders’ meeting. On July 29, 2019, the 11th session of the Ningbo Shuanglin Auto Parts Co.,Ltd.’s 5th directorate approved the proposal on the share exchange.
Ningbo Shuanglin Auto Parts Co.,Ltd. (SZSE:300100) cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd on July 29, 2020.
Niingbo Shuanglin Auto Parts Co.,Ltd. is a China-based company principally engaged in the research, development, manufacture and distribution of automobile parts and components. The Companyâs main products include automobile interior and exterior decoration system parts and components, hub bearings, precision injection molding parts, automobile seat system parts and components, new energy vehicles and its controllers and molds, among others. The Company distributes its products in domestic market and to overseas markets.
Ningbo Shuanglin Auto Parts Co.,Ltd. cancelled the acquisition of an additional 15% stake in Shandong Deyang Electronic Technology Co., Ltd from Zhejiang Fuyou Mechanical Engineering Co., Ltd.
NINGBO SHUANGLIN AUTO PARTS CO.,LTD. 
