Shijiazhuang Jingang Internal Combustion Engine Components Group Co., Ltd., which was in a state of continuous loss due to overburdened personnel and aging equipment, recently sold and transferred for 120 million yuan. The announcement of the transfer shows that as of October 31, 2010 (assessment). The benchmark date), after evaluation and review, confirmed that the total assets of the company were 1,038,207,700 yuan (including 682 mu of land use rights), the total liabilities were 1,223.6801 million yuan, and the state-owned net assets were 185,472,400 yuan.
“The King Kong Group has suffered losses year after year due to overburdened personnel and aging equipment. After moving to the Hi-tech Development Zone, although it has improved, the overall investment is still more than output.†Shijia SASAC did not want to disclose Officials of the name stated that the Jingang Group currently has 2,889 employees, 2,905 retired employees, 54 retired employees, and only employee relocation costs of 110 million yuan. It is understood that after the extension of the audit (base date April 30, 2011), King Kong Group repaid liabilities and operating losses of 13.4602 million yuan from the evaluation of the benchmark date to the extended audit of the benchmark date. As a result, the Jingang Group's state-owned net assets were adjusted to -19,932,600 yuan.
The transfer conditions in the transfer announcement are clearly marked. The transferee company must promise to make “King Kong†a domestic leading brand with certain international influence.
The source said that “King Kong Group, as the largest internal combustion engine parts and components company in China, has a certain influence in the automotive parts and accessories industry, and this brand is not willing to give up whether it is a city SASAC or a municipal government.â€
In addition to retaining the original trademarks, the overall transfer of the King Kong Group to the transferee is also very high, when enrolling the registration, the transferee must pay the performance bond of 36 million yuan and 84 million yuan of earnest money to the designated account of the equity exchange institution. In addition, it is also required that the transferee must not maliciously withdraw cash within the next five years and promise not to change the registered address of the target company or the relationship between profits and taxes.
“The King Kong Group used to be the industry leader. For such companies, although state-owned stocks are withdrawn, we still hope that capable domestic private companies will acquire them from the perspective of corporate development.†A middle level of the Gang Group stated that Moreover, prior to the announcement of the overall transfer of the King Kong Group, several large private enterprises in China have also had contact with the Gang Group.
The overall transfer of the Jingang Group specifically stated that the transferee is a domestically-manufactured or investment-type independent enterprise legal person or its actual controller is a well-known domestic enterprise with a registered capital of not less than 400 million yuan and a total asset of not less than 1.8 billion yuan. The net assets should not be less than RMB 1 billion.
According to informed sources, a subsidiary of Lenovo Group has repeatedly contacted the King Kong Group.
It is understood that in June 2007, Lenovo Group reached an agreement with the State-owned Assets Supervision and Administration Commission of Shijiazhuang City on the transfer of stone medicine, and once again after many years, it once again aimed at Shijiazhuang's enterprises.
Shijiazhuang Jingang Group Co., Ltd. is a state-owned sole proprietorship enterprise and a specialized enterprise for the production of internal-combustion engine parts and components, a national-level measurement unit, a standing director unit of the China Combustion Engine Association, a director unit of the cylinder liner and piston ring branch. China Machinery 500, China Top 100 auto parts suppliers, Hebei famous trademark enterprises, national auto parts export base enterprises. The company's more than 500 models of cylinder liners, pistons, piston pins, piston rings, valves, bearings and assemblies are the key components of internal combustion engines for automobiles, agricultural machinery, construction machinery and ships. The products are supported by major companies such as Weichai, CNHTC, FAW, FAW, Cummins, Foton, Shanghai Diesel, Yimao, Haima, BYD, and Huachai; some products are exported to Europe, America, Southeast Asia, Africa and other countries and regions, and It has been included in international engine global procurement systems such as Cummins and Fiat.
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