News Column

Shuanglin Auto Parts Plans to Buy 100% of Hubei New Torch

August 5, 2014



SHANGHAI, August 5, SinoCast -- Ningbo Shuanglin Auto Parts announces that it plans to buy 100% equities in Hubei New Torch Science & Technology through a share issuance and cash payment. The 100% equities reach CNY 820 million, appreciating 300%.

Meanwhile Ningbo Shuanglin plans to issue 38.34 million shares at CNY 7.12 apiece to Shuanglin Group and a VC investment firm in Tibet to finance CNY 273 million. The capital will be used to pay for consideration of the equity takeover.

New Torch is engaged in R&D, manufacture and sales of auto hub bearings; it is one of major passenger vehicle hub bearing suppliers in China and owns abundant customer resources. Overseas markets are major sales destinations for New Torch and account for over 60% of New Torch's business volume in recent three years.



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Source: Sinocast Transportation Beat (China)


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