Zoomlion advances acquisition of Beijing Leasing equity

Zoomlion Heavy Industry Science and Technology (SZSE:000157) announced progress in its acquisition of Beijing Leasing equity through a public delisting process. The company has signed a "Property Rights Transaction Contract" with Hunan Xiangjiang Investment Holding Group Co., Ltd. to acquire a 45% stake in Zoomlion Financial Leasing (Beijing) Co., Ltd. for CNY 904,050,100. A separate 36% stake is intended to be acquired from Hunan Dice Investment Co., Ltd., however internal approval procedures for that stake are ongoing. The transaction still requires regulatory approval from the Beijing Municipal Local Financial Supervisory Authority.