Autowell plans to acquire an 8.99% stake in its controlling subsidiary Songci Electromechanical for 144 million yuan
Autowell plans to acquire an 8.99% stake in its controlling subsidiary Songci Electromechanical for 144 million yuan, increasing its shareholding from 73.84% to 82.83%. This move will enhance the company's management efficiency over Songci Electromechanical, strengthen control over the single crystal furnace business, expand product variety, improve market competitiveness, optimize resource allocation, promote collaborative development across various business segments, and enhance profitability
According to the announcement from Autowell (688516.SH), the company plans to use its own and self-raised funds of 144 million yuan to acquire 8.99% equity held by minority shareholders of its controlling subsidiary Wuxi Songci Electromechanical Co., Ltd. (referred to as "Songci Electromechanical"). After the completion of this transaction, the company's direct shareholding in Songci Electromechanical will increase from 73.84% to 82.83%, and the scope of the company's consolidated financial statements will remain unchanged.
After the completion of this transaction, on one hand, it will help improve the management and decision-making efficiency of the company regarding its controlling subsidiary Songci Electromechanical, enhancing the overall operational efficiency of the company; on the other hand, it will benefit the company in strengthening its control over the daily operations and strategic planning of the single crystal furnace business segment, expanding product categories, enhancing the market competitiveness of related products in the fields of silicon carbide and semiconductor single crystal furnaces, and further optimizing the overall resource allocation of the company, promoting the coordinated development of various business segments, and enhancing profitability
