Shanghai Sinotec Co., Ltd. completed the acquisition of 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership)
December 19, 2022
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Shanghai Sinotec (Group) Co., Ltd. (SHSE:603121) entered into an investment agreement to acquire 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership) for CNY 250 million on November 15, 2022. As of December 2021, Wuxi Shengbang reported total assets of CNY 301.43 million and net assets of CNY 62.831 million.
Shanghai Sinotec (Group) Co., Ltd. (SHSE:603121) completed the acquisition of 50.2% stake in Wuxi Shengbang Electronics Co., Ltd. from Ningbo Shengxiang Enterprise Management Co., Ltd., Ningbo Xinzhishang Financial Consulting Partnership Enterprise (Limited Partnership) and Ningbo Xianglin Technology Service Partnership Enterprise (Limited Partnership) on December 20, 2022
Shanghai Sinotec Co Ltd is a China-based company mainly engaged in the research and development, production and sales of key components such as turbochargers and sensors. The Company is engaged in two businesses. The main products of the powertrain business are core components of automotive engine turbocharging systems, including bleed valve assemblies, turbine housings and intermediate housings and other components, which are used in turbochargers and finally assembled into complete vehicles. The main products of the sensor business cover a variety of sensors such as pressure sensors with a full pressure range, speed and position sensors, temperature sensors, urea quality sensors, and some core chips, which are used in the commercial vehicle original equipment market. The Company mainly conducts its business in the domestic and foreign markets.