Wanxiang Qianchao and Wanxiang Group Increased Capital to Wangxiang Jinggong

Resource from: CBCC Likes:3096

Oct 15,2007

Wanxiang Qianchao and Wanxiang Group Increased Capital to Wangxiang Jinggong Wanxiang Qianchao Co.,Ltd. and Wanxiang Group will together invest no more than ￥1.808 billion in proportionin developing automobile hub units program of Wanxiang Jinggong Co., Ltd. The sales and profits are expected to hit ￥2.019 billion and ￥315million respectively after reaching production. On Oct. 11th, 2007, Wanxiang Qianchao Co.,Ltd. announced to sign an agreement on increasing capital to its subsidiary company Zhejiang Wanxiang Jinggong Co.,Ltd. with Wanxiang Group on Oct. 9th, 2007. According to the agreement, Wanxiang Qianchao will invest in its fixed capital and Wanxiang Group will invest in cash in the same proportion. The two sides will invest totally no more than ￥1.80776 billion. Wanxiang Qianchao will still own 60% of Wangxiang Jinggong’s share and the rest 40% will be owned by Wangxiang Group. The capital increase will accelerate the development of the key products and further improve core competitiveness of Wanxiang Jinggong. The registered capital of Wangxiang Jinggong is ￥162.6 million. This company focuses on manufacturing, developing of bearings, related parts and distributing of electromechanical products. The investd funds will completely be used for automobile hub units. The present annual manufacturing capacity of is 2.6 million and 17.4 million hub units will be newly increased after production-ready. Thus the annual manufacturing capacity will hit 20 million, so as to satisfy the customers and make Wanxiang Jinggong be in a leading position in the automobile hub units markets.

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