Taiyuan Heavy Industry acquires Taizhong Xiangming Equipment stake

Taiyuan Heavy Industry (SSE:600169) announced plans to acquire a 67% stake in Taizhong Group Xiangming Intelligent Equipment Co., Ltd. The acquisition, valued at CNY 299,515,795, will see Taiyuan Heavy Industry purchase a 51% stake from controlling shareholder Taizhong Group and an additional 16% from Shanxi Aikesailer Technology and Fan Xiangmin. The deal aims to optimize Taiyuan Heavy Industry's asset allocation and enhance its overall competitiveness. The transaction, approved by the board of directors, remains subject to shareholder approval. Beijing Zhongtianhua Asset Appraisal estimated Taizhong Xiangming Equipment's total equity value at CNY 447,038,500.00.