Asset integration, China Dalian Heavy Industry Equipment Co will acquire ZWZ
On August 28, 2024, the State-owned Assets Supervision and Administration Commission of the People's Government of Dalian, Liaoning Province officially issued the "Notice on Agreeing to transfer 93.2344% equity of Wafangdian Bearing Group Co., LTD without compensation" (Big Country Assets Rights (2024) No. 263), marking a new step in the reform of state-owned assets and soes in Dalian.
According to the Notice, 93.2344% of the state-owned equity of Wafangdian Bearing Group (hereinafter referred to as "ZWZ") held by Dalian Equipment Investment Group Co., Ltd. will be transferred to Dalian Heavy Industry Equipment Group Co., LTD. (hereinafter referred to as "Dalian Heavy Industry") without compensation. The transfer is based on the strategic deployment of Dalian Municipal Party Committee and Municipal government on deepening the reform of state-owned assets and state-owned enterprises and optimizing the industrial layout, aiming to enhance industrial competitiveness and achieve high-quality development through resource integration.
As a bearing manufacturing enterprise with nearly a hundred years of history, ZWZ Group enjoys a high reputation at home and abroad, and its products are widely used in industrial equipment, rail transit and other fields. After the equity transfer, Dalian Heavy Industry will directly hold 93.23% of the shares of ZWZ and become its controlling shareholder, bringing new development opportunities for ZWZ.
Dalian Heavy Industry, as a leading enterprise in Dalian equipment manufacturing industry, has made remarkable achievements in technological innovation and market expansion in recent years. The acquisition will further enhance its industrial chain integration capabilities, promote cooperation between the two sides in technology research and development, market expansion and other aspects, and jointly promote the transformation and upgrading of Dalian and even the national equipment manufacturing industry.
Industry analysts believe that the equity transfer is one of the important measures of the Dalian Municipal government to promote the reform of state-owned assets and state-owned enterprises and optimize the industrial layout. In the future, with the deepening of reform, Dalian's equipment manufacturing industry is expected to achieve higher quality development and inject new vitality into the local economy.
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