There was an Equity Transfer Agreement ceremony on Jan 31 in Beijing, where the Shenyang Automobile Axle Manufacturing Co, Ltd acquired shares in the Shenyang Jinbei Tongil Automotive System Co Ltd, from the South Korea’s S & T Heavy Industries Ltd. On hand for the signing ceremony were Chen Hong, the general manager of the China National Chemical Equipment Corp (CNCE), and Liu Pengcheng, president of the Shenyang Jinbei Vehicle Manufacturing Co Ltd.
The stock transfer, which was carried out with China National Chemical Corp (ChemChina) support, means greater opportunities for Shenyang Automobile Axle in its restructuring efforts, and provides a firmer foundation for growth under the 12th Five-Year Plan (2011-2015). In addition, it can provide solid support for Shenyang Automobile Axle in its efforts to expand its market share and develop its new products. (by Xing Yushen and Xing Haina)