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Ruili Group Acquires Stakes in ASIMCO Meilian
【Fonts: Large Medium Small 【Source: Wenzhou China 【Date: 2016.06.27】

Recently, Ruili Group, an overseas Chinese invested company in Rui’an, signed a cooperation agreement with Langfang State-owned Assets Management Co., Ltd. to acquire a 66% stake of ASIMCO Meilian Braking Technology (Langfang) Co., Ltd. (hereinafter referred to as “ASIMCO Meilian”) held by ASIMCO (China) Investment Co., Ltd. Vice Mayor Wang Xi of Langfang city, Chairman Zhang Xiaoping and vice chairmperson Chi Shuping of Ruili Group, and Ding Zhengdong, ASIMCO’s executive vice president and chief financial officer, attended the signing ceremony held in Langfang, Hebei Province.

Based on strategic adjustment, Bain Capital (one of the top 5 private equity funds in the world) holding 66% shares of ASIMCO Meilian decided to transfer the stakes to a company that is able to comply with the new strategic developmental requirements of Bain Capital and ASIMCO Group. After series of investigation and screening of potential buyers, Ruili Group was selected as the controlling shareholder of ASIMCO Meilian as it was believed to be able to bring greater synergy and cooperativity.

Ruili Group’s brand of SORL is one of the top 10 brands of China’s auto parts industry and a recommended brand of Chinese electromechanical products for export. Ruili Group became Wenzhou’s first private company listed overseas when it successfully went public on NASDAQ in the United States in July 2004. Having been committed to the commercial vehicle braking system product development and manufacturing, Ruili Group is a leader of commercial vehicle braking system in China. It is widely recognized as the manufacturer with most commercial vehicle braking system products of optimal cost effectiveness in China. It is ranked top in the industry in terms of sales volume and market share. It is the only enterprise group in China’s commercial vehicle industry with full-range businesses in braking systems, accessories, export, and after-sales maintenance at home and abroad.

In addition, ASIMCO Meilian are making efforts to promote cooperation projects of Daimler products in the international market while Ruili Group is in cooperation with Daimler in China market. Therefore,with common development goals, the two companies, through joint R & D projects, will further upgrade ASIMCO Meilian’s technologies and market shares to commanding heights. This will result in huge space for development for Ruili Group after getting the controlling stake in ASIMCO Meilian. We firmly believe that the strategic holding of ASIMCO Meilian by Ruili Group will also boost the healthy development of the industry of Chinese national brand auto parts by taking advantage of Ruili’s resources and industrial position.

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