Yaxing Motor Coach Company Belongs to Weichai Group
16 September 2011
www.chinabuses.org: On September 14th, 2011, Yaxing Motor Coach announced that CSRC agreed to exempt the acquisition obligation of Weichai (Yangzhou) Yaxing Automobile Company holding 51% of overall capital stock due to administrative transfer of national asset. After the transfer, Weichai (Yangzhou) Yaxing Automobile Company became a controlling shareholder.
On March 3rd, 2011, Jiangsu Yaxing Automobile Group signed “Agreement on Alteration of 51% equity of Yangzhou Yaxing Motor Coach Co., Ltd.” with Weichai (Yangzhou) Yaxing Automobile Company and Yaxing Group transferred 51% equity to Weichai (Yangzhou) Company. Now Weichai Group owns three A-share listed companies: Weichai Power, Weichai Heavy Machinery and Yaxing Motor Coach.
According to the published materials, in November 2009, Yangzhou Government signed the strategic cooperation agreement with Weichai Group in order to make Yangzhou the manufacturing center of auto parts and ship power system of Weichai Group in Yangtze River Delta by integrating the advantages of both sides for deep cooperation. In late May 2010, Yaxing Group prepared for equity transfer and transferred 6.072 million shares, 2.76% of overall capital stock, to China Huarong Asset Management Corporation on May 31st. At the end of the third quarter of 2010, Huarong Corporation became the third majority shareholder of Yaxing Motor Coach.
On March 7th, 2011, Yaxing Motor Coach announced that being subordinate to Shandong Heavy Industry Group Co., Ltd., Weichai (Yangzhou) Company transferred 112.2 million shares to it and Yaxing Motor Coach was controlled by from Yangzhou SASAC to Shandong Heavy Industry Group, i.e. Shandong SASAC. Actually, it was new-energy buses that were what Weichai Group paid attention to.
Source : www.chinabuses.org:
Editor : Song
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