Shaanxi Auto sells LNG gas bottle company to join hands with Furui equipment

In 2013, Xi'an Lande New Energy Automotive Technology Development Co., Ltd. plans to transfer a 10% equity interest in Xi'an Desen New Energy Equipment Co., Ltd., with a listing price of 20 million yuan. The other original shareholders of the target company intend to exercise preferential rights of transfer. Desen New Energy was originally set up for Shaanxi Auto to provide parts and components services to Shaanxi Automotive Group LNG heavy trucks .

The registered capital of Desen New Energy is 20 million yuan. The business scope includes the development, production and sales of pressure vessels and cryogenic vessels. Research and development, production, sales and service of Auto Parts; processing and sales of mechanical equipment and metal materials; sales of hardware and electronic products and electronic products; import and export of goods and technology. It is understood that the target company plans to produce 100,000 LNG cylinders per year and all production lines, and it is expected to reach capacity in 2012.

The equity structure shows that Xi'an Lande New Energy Automotive Technology Development Co., Ltd. and Jinan Zhongsen Machinery Manufacturing Co., Ltd. each hold a 50% stake in Desen New Energy. According to public information, the transferee Xi'an Lande New Energy is invested and established by the Shaanxi Automobile Group with a total investment of 250 million yuan. It is expected that in 2015, it will sell 1,500 new energy vehicles with sales revenue of 1.5 billion yuan. Xi'an Lande New Energy is mainly engaged in research and development, production and sales of new energy vehicles, and foreign joint ventures and cooperation.

According to relevant reports, Desen New Energy successfully obtained the "People's Republic of China Special Equipment Manufacturing Permit" (pressure vessel) in Beijing in 2012. The acquisition of this license marks that Shaanxi Automobile has the qualification to produce B3 pressure vessels.

In fact, as an important manufacturer of LNG heavy trucks, Shaanxi Automobile Group has a large demand for LNG cylinders . It is for this reason that Shaanxi Automobile has established Desen New Energy.

However, the latest news shows that the key customer of the LNG equipment leader Furui equipment has also returned to Furui equipment.

According to financial data, on December 31, 2012, the target company’s total assets were RMB 7,790,680, total liabilities were RMB 52,121,200, and net assets were 2,758.56 million; in 2012, the target company realized main business income of RMB 103 million. Yuan, net profit of 2.592 million yuan.

The transferor requires that the intended transferee must be a legally-contributing corporate legal person and have the experience of providing parts and components services to relevant domestic heavy truck companies.

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