Next Owner of XAB: Tiansheng? C&U? Yuchai?
Ningbo Tiansheng Group, C&U Group and Guangxi Yuchai Group began to compete with each other for the equity ownership of XAB(Xiangyang Automobile Bearing Co.,Ltd).
Related News of XAB
As the administrative party of XAB's equity transfer, Xiangfan Government said that :"We paid more attention to this event this time, the former Greencool case had made a terrible effect in the society. If we failed to find the right owner for XAB again, we'll feel shame and not be qualified to be the governor. Additionally, in recent years, there were lots of local enterprises went bankruptcy by introducing private capitals. Therefore, we prefer some state-run and bearing related enterprises to get the ownership of XAB."
Among the three candidates, only Guangxi Yuchai Group is state-run enterprise. We can see clearly the local government's intention. But such an important case can't be fixed on easily, its also subjected to many other factors. So we can't assure whom of the three could win the competition untill the final result come out. It is said that this result will be worked out by the end of 2005 or even later to early 2006.
About the three candidates
Ningbo Tiansheng Group
Tiansheng Group, founded by its president Mr. Ding yi, have altogether 8 subsidiaries, including Ningbo Tiansheng Bearing Co.,Ltd, Shanghai Tiansheng Needle Roller Bearing Co.,Ltd, 3 trading companies and 2 administration offices. In addition, the group also have representative offices in USA.
C&U Group
C&U Group, founded in 1991, is a manufacturing, trading and distributing integrated group company with its head office in Wenzhou city, Zhejiang province. They have over 103 fully or partial owned subsidiaries in China, Japan and USA. Bearing, M.E.equipments and super market are their major business. What's more, C&U Group is the second largest share-holder of XAB with the 1.99percent possession of XAB's equity.
Yuchai Group
Yuchai Group is a state-run enterprise with long history. With 27 fully or partial owned subsidiaries, they are the largest manufacturer of internal combustion engines and the largest manufacturer and exporter of medium and small engineering machineries. In 2004, their sales reached 10.7billion yuan.
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