Chongqing Machinery & Electric (HKG:2722) will absorb and merge two of its subsidiaries to focus on its main business and according to the company's downsize and streamlining strategic development plan, a Friday Hong Kong bourse filing said.
The company plans to absorb and merge Chongqing Shengpu Materials whose main businesses include clean energy equipment, high-end intelligent equipment, and industrial services.
After the absorption and merger, a new branch will take over its subsequent business by adopting independent auditing. The subsidiary will be deregistered and the company will assume the assets, debt, and liabilities of Shengpu.
The company also plans to absorb and merge Chongqing Industry Empower Innovation Center whose main businesses include consulting and planning services, enterprise digital transformation system integration, and Chongqing machinery & electric industrial internet platform and other businesses.
Empower Center is currently in settlement negotiations regarding litigation concerning accounts receivables. If the litigation is not settled, the company might consider proceeding with winding up liquidation against it.
After the absorption and merger, Empower Center will be deregistered, and its business will be taken over by the Shengpu branch, while the company will assume the assets, debt, and liabilities of Empower Center.
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