·Jingwei Shares plans to acquire a 48% stake in Wuzhoulong for 552 million yuan

On the evening of December 6, Jingwei (002662) announced that the company intends to acquire 48% of Shenzhen Wuzhoulong Automobile Co., Ltd. (hereinafter referred to as “Shenzhen Wuzhoulong”) with its own funds of RMB 552 million. On December 6, 2015, the company signed the “Equity Transfer Agreement” with the equity transferor.
Jingwei shares said that the new energy vehicle represents the direction of future automobile development. This acquisition will help accelerate the company's market expansion in the new energy automobile industry, and will also help the company to share the rapid growth of the new energy automobile industry in the future.
The data shows that Shenzhen Wuzhou Long Automobile Co., Ltd. was established in 2002 with a registered capital of 100 million yuan. The company is headquartered in Baolong Industrial City, Longgang District, Shenzhen. It is the first high-tech enterprise engaged in the research and development of new energy buses. The group covers an area of ​​1.1 million square meters, with more than 10,000 employees and more than 1,000 technical R&D personnel. Since 2009, Wuzhoulong has invested heavily in Chongqing, Shenyang, Jieyang and other places to set up new energy vehicles and power battery subsidiaries. Its products cover all key aspects of the new energy automobile industry chain, and now have annual production. The production capacity of 30000 sets of titanium-manganese alloy power lithium batteries is 300 million ampere-hours. The Group takes the “Wuzhoulong” brand new energy bus as the leading product, namely hybrid, pure electric, fuel cell and clean fuel bus. At present, there are more than 150 national catalogues, and the length of the vehicle is 6 to 13.7 meters.
As early as April 2014, Western Resources announced that it plans to raise 2 billion yuan through non-public offering of shares to acquire 80% of Shenzhen Wuzhoulong Automobile and increase its capital. At the same time, there are other funds raised against Hengtong. Acquisition plan for passenger cars and supporting companies. If the calculation of 80% of the total equity of 2 billion yuan is calculated, the valuation of Shenzhen Wuzhoulong was 2.5 billion yuan. However, in September 2014, the application for the issuance of resources for the western region was rejected by the CSRC, and the acquisition and reorganization plan of Shenzhen Wuzhoulong has also been stranded. Until December 6, 2015, Shenzhen Wuzhoulong and Jingwei Co., Ltd. signed the “Equity Transfer Agreement”. Initially calculated, in this equity transfer, the valuation of Shenzhen Wuzhoulong was 1.15 billion yuan, which was 1.35 billion yuan less than the acquisition plan of western resources.
The main business of Jingwei Co., Ltd. includes the production of aluminum alloy parts and other auto parts. Previously, there was no core business related to the new energy automobile industry.

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