Xinlv Times announced on the evening of August 31 that, according to the Business License and other relevant documents recently issued by the Dongguan Administration for Market Regulation, as of now, 100% equity interest in Dongguan Hongliandian (UMC) Co., Ltd. held by Chen Wang and 18 other counterparties has been fully transferred and registered under the company's name, and Hongliandian (UMC) has officially become a wholly-owned subsidiary of the company.
Upon completion of this transaction, the company will add the R&D, production, and sales of display brackets and bases, precision stamping parts, and structural components to its existing core business of NEV battery box enclosures, further improving its business portfolio and expanding its product categories and industry coverage. Meanwhile, the two parties will form positive synergies and complementarities in product categories, technological R&D, client resources and sales channels, supply chain integration, and cost optimization. By leveraging each other's accumulated R&D capabilities and client resources, the company will enrich the product matrix of the publicly listed firm, meet more application scenarios and diversified client needs, and thereby expand overall sales scale and enhance market competitiveness.
Xinlv Times stated that the company still needs to complete the relevant share registration and listing procedures with China Securities Depository and Clearing Corporation Limited, complete the issuance of shares to raise supporting funds, and pay the cash consideration to the counterparties.
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