Guihang issued an announcement to acquire two auto parts manufacturers.

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Recently, Guihang shares announced that the company intends to jointly invest in a new company with Hebei Hongtu to acquire all the automobile sealing strip business and assets of the latter, and at the same time acquire a 75% stake in Beijing Daqi Air Conditioning Co., Ltd., a wholly South Korea-owned enterprise whose main business is automobile air conditioning.
Guihang shares and Hebei Hongtu plan to jointly invest in the new Hebei Guihang Hongtu Auto Parts Co., Ltd. in cash, with a registered capital of 0.113 billion yuan, of which Guihang shares hold 51% of the new company with a capital contribution of 57.63 million yuan. After the establishment of the new company will be cash to acquire Hebei Hongtu all automotive sealing strip business.
The company plans to acquire Hebei Hongtu automobile sealing strip business and assets through the establishment of a subsidiary, make use of Hebei Hongtu's existing supporting system with major domestic automobile manufacturers, and rely on Hebei Hongtu's "provincial technology center" and "national laboratory" to realize the technological upgrading of sealing strip products and the synchronous development capability with vehicle manufacturers. To complement each other in product structure and market distribution and expand market share. Further enhance the company's overall competitiveness.
At the same time, Guihang will acquire Beijing Daqi Company, which is mainly engaged in the production and sales of automotive air conditioning system stamping parts, automotive sunroof stamping parts, and automotive seat frame accessories. Daqi's products are mainly supplied to the first-class suppliers of Beijing Hyundai Motor, such as Visteon Company, Beijing Hanyi Company and Beijing Dash Company. Guihang said that the transaction will enrich and expand the company's auto parts product chain, obtain more advanced R & D technology, production technology and management experience in the field of automotive air conditioning, enhance the company's technical capabilities, and further enhance the company's comprehensive competitiveness in the auto parts market, and the investment profit margin is expected to be good.