EQS-News / 30/11/2021 / 10:03 UTC+8
Sheng Ye Acquires 40% of Wuxi Guojin for RMB 360 Million, Further Expanding Its Business and Bolstering Regional Presence in the Industrial Ecosystem
Hong Kong, November 30, 2021 - Sheng Ye Capital Limited ("SY" or the "Company", stock code: 6069.HK, together with its subsidiaries, the "Group"), is pleased to announce that it has signed an agreement for the acquisition of a 40% equity interest in Wuxi Guojin Factoring Limited ("WXGJ") for RMB 360 million. Upon completion of the acquisition, SY will hold an indirect 80% equity interest in WXGJ with WXGJ becoming a non-wholly owned subsidiary of the Group.
WXGJ was jointly established by Wuxi Tonghui ???? ("WXTH"), a subsidiary of the Wuxi Communications Industry Group ?????? ("WXCIG"), and Shengzhuo Commercial Factoring, a subsidiary of the SY, as a leading supply chain finance platform with a leading presence in the eastern China region. Leveraging the in-depth cooperation between the shareholders of both parties, WXGJ provides high quality financial services for enterprises in the upstream and downstream segments of the industrial supply chain across smart transportation, engineering construction, new energy vehicles and parts, general aviation, aircraft manufacturing and other emerging industries within the greater transport sector. Following the completion of this acquisition, SY's overall equity interest in WXGJ will be increased to 80% with the remaining 20% held by WXTH under the control of State-owned Assets Supervision and Administration Commission of the Wuxi Municipal People's Government. The acquisition will also result in the consolidation of the financials of both SY and WXGJ, which will further expand the Group's revenue and net profit, increase the Group's platform assets and further stabilize the Group's financial performance.
As a shareholder of WXGJ, WXCIG is supportive of the transaction. By harnessing WXCIG's solid position within the industrial ecosystem and high-quality customer resources, SY is well placed to collaborate with WXCIG to give full play to their expertise in technological innovation and experience to contribute to the digitalization of the local industrial landscape.
In September 2021, SY also deepened its strategic cooperation with the Jiangsu Wuxi Economic Development Zone with the establishment of its eastern China regional headquarters in Wuxi to develop its technology research and development and investment center. Coined as the "IoT capital" of China, Wuxi city is known globally for its industrial technology innovation and is currently home to many Internet-of-Things ("IoT") companies. As one of the joint advocates for the development of Wuxi, SY's strategic initiatives in the areas of innovation, technology and industry are also highly aligned with the development plans of the city. The proposed acquisition will not only enable the Group to capture new growth opportunities in the IoT and industrial technology segments, but also allow the Group to leverage WXCIG's strong position in the industrial ecosystem to boost customer acquisition and business opportunities in the transport and infrastructure segments.
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About Sheng Ye Capital Limited (HKEx: 6069.HK)
Sheng Ye Capital Limited (6069.HK) is a leading supply chain fintech and industrial IoT platform. Through its Dual-Engine, One-Platform strategy, the company harnesses industrial technology and digital finance to create a comprehensive supply chain finance ecosystem. SY leverages big data analytics to provide intelligent matching of assets to capital, offering a one-stop SaaS and fintech solution for enterprises and financial institutions, while effectively addressing the financing needs and pain points of SMEs within the supply chain ecosystem.
SY is listed on the Main Board of the Hong Kong Stock Exchange and is also a constituent of the MSCI Small Cap China Index, Hang Seng Composite Index, Hang Seng Corporate Sustainability Index and the Shenzhen-Hong Kong Stock Connect. Some of the company's notable institutional investors include China Taiping Insurance, Olympus Capital and Temasek Holdings.
Sheng Ye Capital Limited
Tel: 0755-6188 0088-842
Christensen China Limited
Tel: +852 2232 3966
Email: email@example.com File: Sheng Ye Acquires 40% of Wuxi Guojin for RMB 360 Million, Further Expanding Its Business and Bolstering Regional Presence in the Industrial Ecosystem
30/11/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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END) Dow Jones Newswires
November 29, 2021 21:04 ET ( 02:04 GMT)
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EQS-News: Sheng Ye Acquires 40% of Wuxi Guojin for RMB 360 Million, Further Expanding Its Business and Bolstering Regional Presence in the Industrial Ecosystem
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