Zhejiang Tieliu Clutch Co., Ltd. cancelled the acquisition of Hubei Citian Intelligent Transmission Co., Ltd. from Hangzhou Desa Industrial Group Co., Ltd.
August 13, 2020
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Zhejiang Tieliu Clutch Co., Ltd. (SHSE:603926) signed an agreement to acquire Hubei Citian Intelligent Transmission Co., Ltd. from Hangzhou Desa Industrial Group Co., Ltd. for CNY 62 million on August 14, 2019. Payment will be done in one single installment within 15 days since signing of the agreement. In a related transaction, Zhejiang Tieliu Clutch Co., Ltd. signed an agreement to acquire Hubei Tri-Ring clutch Co., Ltd from Hangzhou Desa Industrial Group Co., Ltd. and Huangshi Cihai Enterprise Management Consulting Center (Limited Partnership). Hubei Citian Intelligent Transmission Co., Ltd. reported total assets of CNY 40.06 million and net assets of CNY 38.87 million as at December 31, 2018. The Board of Directors of Zhejiang Tieliu Clutch Co., Ltd. approved the transaction on August 14, 2019. The transaction does not approval from the shareholders meeting. On August 16, 2019, Zhejiang Tieliu Clutch Co., Ltd. received an enquiry letter from Shanghai Stock Exchange regarding the transaction.
Zhejiang Tieliu Clutch Co., Ltd. (SHSE:603926) cancelled the acquisition of Hubei Citian Intelligent Transmission Co., Ltd. from Hangzhou Desa Industrial Group Co., Ltd. on August 14, 2020.
Tieliu Co Ltd, formerly Zhejiang Tieliu Clutch Co Ltd, is a China-based company mainly engaged in the research and development, production and sales of automotive parts. The Company's main products include automotive clutches, clutch bearings, hydraulic bearings, hydraulic torque converters and brake pads, engine high-pressure common rail system injectors, new energy vehicle motor shafts, silicon controlled rectifier (SCR) components for automotive exhaust gas purification systems, etc. The Company distributes its products within the domestic market and to overseas markets.
Zhejiang Tieliu Clutch Co., Ltd. cancelled the acquisition of Hubei Citian Intelligent Transmission Co., Ltd. from Hangzhou Desa Industrial Group Co., Ltd.