Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2017
Contract
-In 2017, the Company developed eighty-six new products. Twelve of them have achieved mass supply and sales of CNY 200 million. For market development, transmission shaft projects of NEVS, Zotye, and Dongfeng Xiangyang Touring Car will start at the Company's facilities; transmission shaft projects of Dongfeng Renault, SAIC, Changan Auto, and Anhui Jianghuai is now proceeding. (From the Company's 2017 annual report)
-The Company has achieved great breakthroughs for major projects. It has completed on-site audit work for projects with SAIC, Foton Daimler, Magna, and Anhui Jianghuai and has been authorized for mass production. (From the Company's 2017 annual report)
Abroad Investments
-Xiangyang Automobile Bearing Co., Ltd. said on August 26, 2017, that the company changed the plan unveiled on July 11, 2017, regarding the additional investment of Polish zloty (PLN) 45 million in its subsidiary, Fabryka o ysk Tocznych-Kra nik S.A.(FLT). The plan released in July said that, after the additional investment, FLT would be owned 71.92% by ZXY Luxembourg Investment S.à r.l., 27.49% by Tri-ring International, and 0.59% by FLT’s employees. However, according to the new announcement, PLN 35.78 million out of the PLN 45 million will be covered by ZXY Luxembourg Investment, 8.86 million by Tri-ring International and 0.36 million by FLT’s employees. In the new plan, FLT will be owned 79.52% by ZXY Luxembourg Investment, 19.68% by Tri-ring International, and 0.80% by FLT’s employees after the investment. (From a corporate announcement on August 26, 2017)
-Xiangyang Automobile Bearing Co., Ltd. said on July 11, 2017, that the company will make an additional investment of Polish new (PLN) 22.5 million in Fabryka o ysk Tocznych-Kra nik S.A. (FLT), one of its subsidiaries. It also said that Tri-ring International (Poland) Co., Ltd., which is one of the subsidiaries of Xiangyang Automobile Bearing’s controlling shareholder, Tri-ring Group Corp, will make another additional investment of PLN 22.5 million in FLT. The total additional investment in FLT will be PLN 45 million. FLT will then make a capital investment of PLN 68 million, combining this PLN 45 million and self-financed PLN 23 million. Also by relocating its registered office in a special economic zone, it plans to receive a refund of PLN 34 million as a measure to reduce income tax. After the additional investments, FLT will be owned 71.92% by ZXY Luxembourg Investment S.àr.l., 27.49% by Tri-ring International, and 0.59% by FLT’s employees. (From a corporate announcement on July 11, 2017)