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Zhongtong Bus announced that it plan to establish AC company jointly with Matsumi on the evening of Dec.24th of 2013. Zhongtong would invest by net asset of its subsidiary, Shandong Tongsheng Refrigeration Equipment Company, which was evaluated on May 31st of 2013. Meanwhile, Matsumi would invest 65 million Yuan, holding 50% shares.
By May 31st of 2013, book value of total asset is 77.9961 million Yuan, book value of debt asset is 35.8775 million Yuan, and book value of net asset is 42.1186 million Yuan. Assessed value of total asset is 98.2784 million Yuan, added value is 20.2823 million Yuan and value-added ratio is 26%. Assessed value of net asset is 62.4009 million Yuan, added value is 20.2823 million Yuan and value-added ratio is 48.16%.
Zhongtong Bus stated that air conditioner and relative parts of Zhongtong bus had been manufactured by Shandong Tongsheng Refrigeration Equipment Company. This investment meant for optimizing industry chain and cultivating profit growth point. AC company, the joint venture, is good for sharing resource, complementary advantages and eliminating market challenges for win-win goal.
Zhongtong Bus holds the idea that product technology and sales scale of Shandong Tongsheng Refrigeration Equipment Company would be improved greatly after investment. And manufacturing process would be improved as well, which would help improve the product’s competitiveness, expand market shares and decrease manufacturing cost.