When the turnaround path was not clear, Xingmin Intelligent Transportation Systems (Group) Co.Ltd(002355) (002355, SZ) decided to terminate a merger that had been planned for 9 months.
On February 22, Xingmin Intelligent Transportation Systems (Group) Co.Ltd(002355) disclosed that the company decided to terminate the acquisition of part of the equity of Wuhan Zhongke Xinwei Information Technology Co., Ltd. (hereinafter referred to as “Zhongke Xinwei”) and the raising of supporting funds. About nine months ago, Xingmin Intelligent Transportation Systems (Group) Co.Ltd(002355) announced that the company planned to issue shares to purchase 50.29% equity of Zhongke Xinwei held by Zhenghong and Xinyu saihe around Bohai Sea, and the initial price of the underlying equity was 1.106 billion yuan.
It is worth noting that Zhongke Xinwei is not a strange face in the capital market. In 2018, the listed company Letong Chemical Co.Ltd(002319) planned to acquire 100% equity of Zhongke Xinwei, but lost its halberd in 2020, which is also the failure of the target’s second “transfer” of a shares. Zhongke Xinwei is a shareholding company, which mainly holds 100% equity of pCPL headquartered in Singapore. PCPL is one of the world’s largest manufacturers of mechanical hard disk precision components.
