AllBright Client Wins Approval for Major Asset Restructuring2014-11-073178
On November 3, 2014, AllBright client Ningbo Shuanglin Auto Parts Co., Ltd. (stock code: 300100.SZ) won China Securities Regulatory Commission’s approval for a major asset restructuring.
Shuanglin, Ltd. will, through issuing shares to designated investors and paying cash, buy 100% ownership of Hubei New Torch Science & Technology Co., Ltd. Shuanglin, Ltd. will raise funds from Shuanglin Group Co., Ltd. and other channels.
Shuanglin, Ltd. is an innovation-driven auto parts manufacturer which has been recognized as a national level high-technology company. Hubei New Torch is a leading wheel hub and bearing maker in China which has maintained strong profitability in recent years.
This restructuring will enhance the financial performance of Shuanglin, Ltd., help it leapfrog in competitiveness, raise its importance in China’s auto part industry, reduce risks through diversifying its business scope and leverage the synergy created by this acquisition.
The AllBright team on the project included partners Lao Zhengzhong and Li Bo as well as associates Li Liangchen, Chen Mingyang and Xu Zhoubo, who provided Shuanglin, Ltd. with comprehensive legal services.