According to the announcement of the Shandong Property Rights Trading Center, 100% of the state-owned property rights of CNHTC Jining Commercial Vehicle Co., Ltd. was publicly listed and transferred at a transfer price of 97.3031 million yuan.
From the announcement issued by CNHTC, a Hong Kong-listed company under China National Heavy Duty Truck Group, it is likely that Sinotruk will acquire 100% equity of Jining 1 through its wholly-owned subsidiary Jinan Power.
The requirements of the transferee in the announcement include: the enterprises in line with the national auto industry restructuring and revitalization plans to promote the reorganization of the auto industry, promised to provide the future advanced technology of Euro 4 and Euro 5 engines for the company's development, and promised to solve the production of Jining Commercial Vehicle Company. Qualification issues; In order to maintain the continuity of the existing trademark and font size usage, it promises to use the existing trademark and font size owner to negotiate licensing after transfer; solve the existing 2000 resettlement issues of Jining Commercial Vehicle Company; the transferee promises that the future Within two years, for the company's rapid development, it has invested no less than 200 million yuan to enable the company to reach a production scale of more than 20,000 heavy-duty vehicles.
On November 25, 2009, Hong Kong-listed company Sinotruk announced that the company’s wholly-owned subsidiary, Jinan Power, entered into an equity transfer agreement with CNHTC, pursuant to which CNHTC Group has conditionally agreed to sell and Jinan Power. The company has agreed to purchase 100% equity of Jining Company. The consideration for the acquisition is RMB 97.4 million. The purchase price and the current listing transfer price have not changed much.
In fact, Sinotruk disclosed in the initial prospectus at the time of its listing that the company and CNHTC entered into a non-competition undertaking dated November 3, 2007, and that the company can exercise it at any time after the listing is deemed beneficial by the board of directors. The right to buy Jining company. The Acquisition will effectively minimize the possible competition between the company and CNHTC Group and reduce the related transactions between Jining Company and the Group, which will help achieve and protect the best interests of the listed company.
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