Wanxiang Qianchao announced on December 4th, 2013 that in order to broaden the scale of the company's parts and components industry, the company plans to use 640 million yuan to acquire a 90% stake in Wanxiang Tongda Co. , Ltd., which is held in aggregate by Wanxiang Group and Hubei Tongda Industrial Co., Ltd. On December 3rd, Wanxiang Qianchao signed the “Equity Transfer Agreement†with Wanxiang Group and Hubei Tongda respectively. The company acquired 66.6% and 23.4% of Tongda shares held by Wanxiang Group and Hubei Tongda respectively in cash. The total amount of the transaction was 476 million yuan and 167 million yuan, and the total transaction amount was 640 million yuan. Tongda's main business is auto parts. Its main customers include domestic large-scale car companies, including Dongfeng Motor, Changan Automobile, Yutong Bus and Chery Automobile. As of June of this year, Tongda shares had total assets of 800 million yuan, total liabilities of 330 million yuan, net assets of 460 million yuan, and net profit of 270 million yuan in the first half of the year. Wanxiang Qianchao stated that the acquisition of Tongda shares will enrich and expand the company's product line and business scale, and increase the efficiency and effectiveness of the remaining funds raised. The announcement shows that the funds for this acquisition are the unused raised funds raised by the company in 2010, and some of the remaining companies are self-financing.
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