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New Acquisition of Neoglory Prosperity
Post Time: 12/07/2018

On July 2, Neoglory Prosperity Inc. announced a Major Asset Purchase Plan, which is its arrangement to purchase the pioneering enterprise of wind power transmission—China High Speed Transmission Equipment Group Co., Ltd. (China Transmission)—for over 10 billion RMB.

Established in 1969 and listed in Hong Kong in 2007, China Transmission operates as a large professional corporation mainly engaged in the manufacturing of high-speed and heavy-duty gears. At the end of 2017, the gross asset value of the company was 27.44 bn RMB and the net asset value reached 10.98 bn RMB.

According to the purchase plan, China Transmission will give up the nonprofit non-gear business but retain the core business of wind power transmission equipment. This decision highlights the profit advantage of the company and will integrate the company into major asset restructuring.

A representative of Neoglory Prosperity indicates that the company has limited space for the development of equipment manufacturing, while China Transmission is a global pioneering enterprise in wind power transmission equipment with strong technical strength, high-quality assets, and strong profitability. The transaction will largely improve the profitability of Neoglory Prosperity’s equipment manufacturing business, expand profit sources for the listed company, and improve its sustainable development. Furthermore, it can reduce the dependency of the company to the real estate industry and realize the major business transformation of the company. (By Wang Ting – Yiwu Shangbao, translated by Jin Haiqiong, edited by Kendra Fiddler)

 

Source text:

news.zgyww.cn/system/2018/07/05/010135165.shtml

 

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