Yangzhou Diesel Engine Co., Ltd. (hereinafter referred to as Yangchai) finally has to leave Yaxing.
This company, which had played a key role in the Gu Chujun case, was once reserved by the head of the Greencool Department for the sale of equity. It secretly withheld 63 million yuan in equity transfer payments that Yangzhou Mechanical & Electrical Asset Management Co., Ltd. should pay. Yuan, the capital that fell into the pockets of Gu Chujun, eventually became a key part of the court's determination that he had committed the crime of misappropriating funds.
According to the plans announced by Yaxing, the company will transfer its 27.17% stake in Yangchai to its controlling shareholder, Jiangsu Yaxing Automobile Group Co., Ltd. (hereinafter referred to as Yaxing Group) for a price of RMB 113.4 million. On November 24, the company signed a share transfer contract in Yangzhou. Yangchai may cooperate with Weichai Holding Group Co., Ltd. (hereinafter referred to as Weichai).
Yangchai's dominant product 4102/4105 diesel engine market share is about 30%. Currently, Yaxing Group holds 50.85% of Yangchai, Yaxing Bus holds 27.71%, China Huarong Asset Management Corporation holds 20.45%, and Anhui Jianghuai Automobile Group Co., Ltd. holds the remaining 0.99%. Yaxing Bus said that the transfer of Yangchai’s equity is an act of the company “realizing foreign investment†and is conducive to “optimizing the company’s cash flow, increasing market development efforts, concentrating assets and strengthening its main business, in line with the company’s actual operations and the future. Development needs."
The local “Yangzhou Daily†report stated that on the same day that Yaxing Bus signed the equity transfer contract with Yaxing Group, the Yangzhou City Government also signed a strategic cooperation agreement with Weichai, and the Standing Committee member and Deputy Governor of Jiangsu Province Zhao Kezhi stated at the signing ceremony that “Weichai’s advancement into Yangzhou is the occupation of the Yangtze River Delta market, which will also make Yangchai get a big developmentâ€.
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