Yuchai Power Company's 34% State-owned Equity Transfer

34% of the state-owned shares of Guangxi Yuchai Power Machinery Co., Ltd. were publicly listed on the Guangxi United Assets and Equity Exchange a few days ago. The listing price was 21,717,800 yuan.

According to the data, the registered capital of the Power Company is RMB 10 million, which was established in April 2003. It is the production base of Yuchai Group's small-piston multi-cylinder diesel engine, and it has the capability to produce 300,000 small-cylinder multi-cylinder diesel engines each year. Yuchai Group holds 85% of its shares, Ni Xiaxiao and 9 other natural persons hold 15% of the shares.

The Power Company also established Guangxi Yizhou Yuchai Agricultural Equipment Co., Ltd. and Hubei Yuchai Dooling Engine Co., Ltd. in Yizhou City, Guangxi Province and Wuxue City, Hubei Province, respectively, holding 51% and 26% respectively.

As of March 31, 2009, the company's total assets have been assessed as 5,592,475,000 yuan, total liabilities as 4,952,300,000 yuan, and net assets as 6,403,450 yuan.

The announcement requires that if the intended transferee is a legal person company, the registered capital must be not less than 100 million yuan and it must be a domestically funded enterprise in the machinery industry. The business scope must include the production, processing and sales of agricultural diesel engines, and the total assets must be not less than RMB. 1 billion yuan, the annual profit growth rate in the past 3 years shall not be less than 40%; if the intended transferee is a natural person, it must have working experience of not less than 5 years in the agricultural diesel engine industry (eg joint assignment for natural persons, consortium Each member must have the above conditions.)

It is noteworthy that the power company management Ni Xiaxiao, Wu Chuang, Liang Bin and other three intend to jointly transfer this transfer of 34% of the state-owned equity, and equal competition with other intended transferees. According to the announcement, the original shareholders of the target company have priority rights of transfer under the same price conditions. If the above three persons are ultimately identified as transferees, they will not change the main business of the target company or undergo major reorganization.

According to expert analysis, the listing announcement sets a very high threshold for corporate enterprises, 40% of high growth and 1 billion yuan of total assets make domestic qualified companies “few”, and this way, power companies manage There is a high probability that the tier will succeed. If the transfer is successful, power company management's shareholding will rise to 49%.

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