· China CRRC 926 million yuan transferred 51% equity of Era Electric

On October 27, China CRRC announced that the company’s wholly-owned subsidiary, CZ Zhuzhou Electric Locomotive Research Institute Co., Ltd. (“Zhuzhou Institute”) intends to transfer the Hunan Chongqing era held by the agreement. 51% of the shares of Electric Vehicle Co., Ltd. (referred to as "Time Electric") were transferred to China CRRC Group Corporation ("CRRC Group", the controlling shareholder of China CRRC), and the transfer price was RMB 9264.02 million.
According to the electric vehicle resource network, Time Electric was established in July 2007 with a registered capital of RMB 574 million. Zhuzhou holds an 87.37% stake in Times Electric. The electric operation scope of the era includes passenger cars, special vehicles and parts, electromechanical products manufacturing, sales and after-sales services. At present, the shareholding structure of Time Electric is: Zhuzhou holds 87.37%, Sany Group Co., Ltd. holds 1.39%, Hunan Gaoxin Venture Capital Group Co., Ltd. holds 0.70%, Xiao Wei holds 10.11%, and Deng Pengtu holds 0.43%. .
According to the announcement, as of June 30, 2017, Times Electric's audited assets totaled RMB 6.239 billion and net assets were RMB 755 million. In the first half of 2017, its operating income was RMB 981 million and its net profit was RMB 2,235,600. In 2016, the electric operating income of the era was 3.788 billion yuan and the net profit reached 202 million yuan.
The announcement pointed out that after the completion of this transaction, Zhuzhou no longer has the control of the era electric, the company will no longer include the era electric into the scope of consolidated statements. Regarding the impact of this transaction on China CRRC, the announcement pointed out that “new energy buses are greatly affected by the policy, and the accounts receivable are higher, the repayment period is longer, the capital occupation is larger, and the subsequent development requires strong capital investment. This transaction will help the company focus on the main business such as rail transit, in line with the company's future development."
How does Era Electric develop in the field of new energy vehicles? According to the data compiled by the electric vehicle resource network, in the first nine months of 2017, the top five new energy bus sales were Yutong, BYD, CRRC, Zhongtong Bus, Beiqi Foton. . Among them, CRRC Electric sold 4,233 new energy buses in the first nine months, accounting for 10.2% of the total sales of new energy buses, ranking third in the industry.

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