Xingmin Intelligent Transportation Systems to Buy Stake in Loss-Making Shipbuilder for 360 Million Yuan; Shares Slump 9%

MT Newswires Live

Oct 24, 2024

Xingmin Intelligent Transportation Systems (SHE:002355) plans to acquire 30% of Zhejiang East Coast Shipbuilding for 360 million yuan, according to a Tuesday filing on the Shenzhen Stock Exchange.

The shipbuilding unit of Yangfan Group has been incurring losses for the past two years, with net losses of 93.7 million yuan and an operating income of 265.6 million yuan recorded between January and August.

The Chinese auto parts maker will buy the stake through subsidiary, Anhui Xingmin Haizhi Equity Investment.

Xingmin Intelligent Transportation partnered with Zhejiang East Coast Shipbuilding in a deal where the latter will accept shipbuilding orders from Xingmin for the next five years.

Xingmin's shares dropped less than 9% in recent trade.

Price (RMB): ¥6.64, Change: ¥-0.64, Percent Change: -8.79%

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