The actual controller of the hottest Changlin shar

2022-10-18
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The actual controller of Changlin shares promised to inject construction machinery and special vehicle assets

the actual controller of Changlin shares promised to inject construction machinery and special vehicle assets

China Construction machinery information

Guide: Changlin shares [12.59 0.72%] Co., Ltd. (Changlin shares, 600710) announced that in order to solve horizontal competition, Its actual controller, China Machinery Industry Group Co., Ltd. (state machinery group), promised to inject the business assets of construction machinery and special vehicles into the company, and state machinery group strives to build Changlin into

Changlin [12.59 0.72%] Co., Ltd. (Changlin, 600710) announced that in order to solve the horizontal competition, its actual controller China Machinery Industry Group Co., Ltd. (state machinery group) promised to inject the business assets of construction machinery and special vehicles into the company, and the State Machinery Group strives to build Changlin into a large construction machinery enterprise with international competitiveness

the announcement shows that among the state machinery group and other enterprises controlled by it, the companies that engage in similar industries and will have batch product export business with Changlin are China state machinery Heavy Industry Group Co., Ltd. (state machinery heavy industry) and its controlled enterprises, and China YITUO Group Co., Ltd. (YITUO Group) and its controlled enterprises. In order to avoid and finally solve horizontal competition or potential horizontal competition and integrate the construction machinery sector and special vehicle business of Sinomach group, Sinomach group has formulated an integration work plan

Changlin will be the only capital operation platform for the construction machinery and special vehicle business of Sinomach group; State machinery group promises to inject the construction machinery and special vehicle assets with good operating performance and meeting the requirements of the capital market into Changlin shares through asset mergers and acquisitions, restructuring and other means within five years (transition period) after the completion of this non-public offering of Changlin shares, for the state machinery heavy industry and Yituo group, which are currently controlled by state machinery group, and their subordinate enterprises engaged in business that constitutes horizontal competition or potential horizontal competition with Changlin shares, In order to thoroughly solve the problem of further improving industrial competition with market competitiveness

specific to the integration steps, non-public offering is obviously an important step, but Changlin shares has not announced the relevant non-public offering announcement recently. State machinery group said in the announcement that, first of all, within two years after the completion of this non-public offering of Changlin shares, it will complete the preliminary sorting of the technology and business of construction machinery and special vehicles within state machinery group that have horizontal competition with Changlin shares

secondly, within three to five years after the completion of this non-public offering of Changlin shares, for companies that meet the following three conditions at the same time: 1. Sinomach heavy industries/or companies subordinate to YITUO Group engaged in the same or competitive business as Changlin shares; 2. Operating in good condition; 3. If its assets or equity meet the provisions of laws, regulations and normative documents and can be placed in a listed company, Sinomach group will exercise its shareholder rights according to law, convene the relevant shareholders' meeting/general meeting, and put forward a proposal to place the high-quality assets with good operating conditions owned by the company that meets the above conditions into Changlin shares. Sinomach will gradually formulate and implement specific operation plans for the integration of relevant assets according to the operating conditions of relevant assets and the degree of recognition of the capital market

thirdly, for the assets or equity with backward technology and poor economic benefits that really cannot be transformed, why is a company in the construction period not directly purchasing assets or equity that still does not meet the conditions for injection into listed companies after the expiration of the transition period, Sinomach group will look for potential partners and propose a motion to solve it by selling it to an enterprise controlled by non Sinomach group, or shutting down, bankruptcy liquidation, etc, So as to completely solve the above horizontal competition problems

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