Lanzhou Yutong Restructured: Zhuhai Yinlong Increased its Shares to 80%
2017-02-17
www org: On February 14, a ceremony was held to mark the assets restructuring and industrial upgrading
On February 14, a ceremony was held to mark the assets restructuring and industrial upgrading of Lanzhou Yutong Bus Co., Ltd. (hereafter referred to as Lanzhou Yutong) After the restructuring, Zhuhai Yinlong New Energy Co., Ltd. (hereafter referred to as Zhuhai Yinlong) will hold 80% shares of the new company. In the next three to five years, Zhuhai Yinlong is planning to invest ten billion RMB to build a new energy bus industrial base in Lanzhou Hi-tech Zone, introducing the state-of-art new energy bus manufacturing technologies. It is revealed that project will be constructed in three phases. After its completion, it will form a whole industrial chain for the production and R&D of new energy vehicles, covering such promising areas as new energy vehicles, power batteries, power storage stations and recharging posts.
On June 22, 2016, Zhuhai Yinlong signed a cooperative framework agreement on new energy vehicle and power storage project. According to the agreement, Lanzhou Public Transport Group will purchase or rent 1,500 units electric city buses from Zhuhai Yinlong. From 2016 to 2017, the bus operator will first introduce 600 units on the roads in the provincial capital. By injecting cash and increasing its capital, Zhuhai Yinlong made Lanzhou Yutong undergo a corporate restructuring.
Lanzhou Guoqi Equipment Manufacturing Group, Ganzu Tuoling Industrial & Trade Development Co., Ltd., Zhuhai Guangtong Automotive Co., Ltd., Lanzhou Tuoling Energy Management Co., Ltd., Beijing Zhongbang Xinda Investment Consulting Co., Ltd. and Zhuhai Yinlong officially signed a contract on the assets restructuring and industrial upgrading of Lanzhou Yutong Bus Co., Ltd. Apart from the 80% shares held by Zhuhai Yinlong, Lanzhou Guoqi Equipment Manufacturing Group will hold 18.34% shares of Lanzhou Yutong, and Ganzu Tuoling Industrial & Trade Development Co., Ltd. 1.66%.
In late December 2016, Gree made a fruitless attempt to acquire Zhuhai Yinlong. Later, Dong Mingzhu, president of Gree, together with Wanda Group, Jingdong Group and CIMC Group made a total investment of three billion RMB in Zhuhai Yinlong. Dong Mingzhu’s personal investment reached one billion RMB, accounting for 7.5% of Zhuhai Yinglong, and became the top five major shareholders of the company.
