Chongqing Jianshe Vehicle System Co., Ltd. (SZSE:200054) signed a letter of intent to acquire remaining 50% stake in Chongqing Pingshan Taikai Carburetor Co., Ltd from Yamaha Motor Co., Ltd. (TSE:7272), Tk Carburettor Co.,Ltd. and Aisan Industry Co., Ltd. (TSE:7283) for CNY 3 on April 24, 2020. Chongqing Jianshe Vehicle System Co., Ltd. (SZSE:200054) entered into an equity transfer contract to acquire remaining 50% stake in Chongqing Pingshan Taikai Carburetor Co., Ltd from Yamaha Motor Co., Ltd. (TSE:7272), Tk Carburettor Co.,Ltd. and Aisan Industry Co., Ltd. (TSE:7283) on June 5, 2020. Under the terms, each of the three sellers will receive CNY 1 each respectively.

Chongqing Pingshan reported total assets of CNY 105.5 million and net assets of CNY 77.4 million. The transaction is subject to approval from the Board of the sellers, Directorate of Chongqing Pingshan and Directors of Chongqing Jianshe. The transaction does not require approval from shareholders of Chongqing Jianshe.

The transaction has been approved by the Board of Chongqing Jianshe on April 24, 2020. On June 5, 2020, the Board of Directors of TK Carburettor Co.,Ltd. approved the transaction.