Shanghai Huayi (Group) Transits RMB2.45 bln to Double Coin Holdings
Shanghai Huayi (Group) Co., Ltd. announced on Jun. 28 to transit 2.45 billion yuan worth of assets (equity) to its wholly-owned subsidiary Double Coin Tires.
During the process of getting listed through Double Coin Holdings, Shanghai Huayi (Group) established Double Coin Tires with registered capital of 50 million yuan.
In this transition, Shanghai Huayi (Group) will transfer assets, equity, bond and liability, valued 2.45 billion yuan in total, to Double Coin Tires.
After that, registered capital of Double Coin Tires will be increased to 2.5 billion yuan and the company is to be a business unit of tire wholly owned by Shanghai Huayi (Group).
Shanghai Huayi (Group) said the transition is a necessary move for the development of the group, so as to optimize asset deployment, improve the professional function of each business unit, and enhance their competitiveness in the industries they belong to.
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