Yaxing Bus Acquires Yaxing Commercial Vehicle Passenger Bus Business
Acquisition price of 128 million yuan to eliminate peer competition between the two
Yangzhou Yaxing Bus Co., Ltd. will acquire the assets related to the entire vehicle business of Yangzhou Yaxing Commercial Vehicle Co., Ltd. for a total consideration of RMB 128 million.
Yaxing Motors announced on the 17th that in order to further optimize the asset quality and product mix of listed companies and eliminate competition with Yaxing Commercial Vehicles, it agreed to acquire the assets of its coach vehicle business and determine the purchase price of 128.148 million yuan, including passenger cars. Main production lines, high-grade passenger car production lines, passenger car chassis production lines, passenger car testing lines and passenger car production-related effective inventory. At the same time, it purchased from Yaxing Commercial Vehicle all the proprietary technologies for the design, manufacture, sales, and maintenance of the products under the names of the vehicle production companies and product catalogs of the National Development and Reform Commission at zero prices.
After the completion of the transaction, Yaxing Commercial Vehicles will no longer retain assets related to the entire vehicle business, but will mainly produce and process parts and components of automobiles (including small cars).
The announcement shows that the above scheme has been approved by the CSRC.
On August 31, 1999, Yaxing Bus began to list on the Shanghai Stock Exchange. Midway was suspended for three consecutive years on May 18, 2006. On July 5, 2007, the company resumed listing and the company passed a Rough roads. In December 2003, Gu Chujun’s “Green Colle†with strong momentum gained RMB 417.8 million in Yaxing passengers. Gu himself served as chairman of the company and once held more than 60% of the shares. In May 2006, the company was suspended for three consecutive years of losses. In July of that year, Yaxing Group repurchased 60.67% of Asian Star Bus from Yangzhou Greencool and returned it to normal track. On January 30, 2007, Gu Chujun was sentenced to 10 years in prison for the crime of false registration of capital, disclosure of non-compliance, non-disclosure of major information, and misappropriation of funds.
In February 1997, Yaxing commercial vehicle was jointly established by Jiangsu Yaxing Automobile Group Co., Ltd. and DaimlerChrysler (Mercedes) joint-stock company. It was the largest joint venture company in China's bus industry at that time. Ten years after the joint venture, in February 2007, the Mercedes-Benz company withdrew. Yaxing-Benz became a wholly-owned subsidiary of Yaxing Group and changed its name to "Yangzhou Yaxing Commercial Vehicle Co., Ltd.".
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