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CN - Huayu Automotive to purchase auto part assets from parent

Shanghai Securities News reported that Huayu Automotive Systems will purchase from parent company Shanghai Automobile Industry Corporation Group a 100% stake in Shanghai Sandmann Foundry for CNY 38.78 million a 50% stake in Shanghai Sachs Powertrain Components Systems for CNY 122.67 million and a 100% stake in Shanghai Xingfu Motorcycle for CNY 30.1 million.

The three aforementioned firms are auto part makers. Their profits in the first three quarters of this year totaled CNY 80.68 million. Huayu Automotive owns 23 auto parts subsidiaries at present.

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