Jiangsu Lixing General Steel Ball Co., Ltd. Acquired Jinyan Gangqiu
Jiangsu Lixing General Steel Ball Co., Ltd. (hereinafter referred to as Lixing Corporation ) and Ningbo Fenghua Jinyan Gangqiu Co., Ltd. (hereinafter referred to as Jinyan Gangqiu), complementing each other’s advantages in products and market, etc., determined to merge into one company through friendly consultation. On February 18, 2017, Lixing Corporation signed Share Purchase Agreement with all the shareholders of Jinyan Gangqiu, which was approved by the Ningbo Fenghua Market Supervision and Administration Bureau for its registration of changing its name to "Lixing Jinyan Steel Ball (Ningbo) Co., Ltd and becoming a wholly owned subsidiary of Lixing Corporation. On March 12, 2017, Lixing Corporation acquire 100% stake in Jinyan Gangqiu, completing the delivery of equities.
The acquisition aimed to improve Jinyan Gangqiu’s technology, product quality and services in mute motor balls and automotive balls and help it step into the international market based on Lixing’s advantageous resources in capital(Lixing Corporation is a public company) and sales platform at home and abroad; Meanwhile, to complement Lixing Corporation in macro mute motor balls so as to further enhance Lixing Corporation’s brand value and market influence and make greater contributions to the development of China's bearing industry.
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