According to Beijing Property Exchange, Dongfeng Motor Group plans to transfer its 9.81% stake in Dongfeng Dana Axle Co., Ltd., which has a listing base price of 170.61 million yuan. The original shareholders of the target company waived the exercise of the right of first refusal. Some analysts believe that Dongfeng Motor Group's move is likely to be in order to introduce strategic investors from its peers. Dongfeng Dana Axle Co., Ltd. is the largest professional, multi-variety, full-series axle production base in China, with Shiyan Factory, Xiangfan Factory and Axle Parts Factory. According to assessment by Zhonghe Assets Appraisal Co., Ltd., the company’s net assets assessment value was 1.73 billion yuan, a premium of nearly 50% compared with the book value of 1.165 billion yuan. The ownership structure of Dongfeng Dana Axle showed that Dongfeng Motor Co., Ltd. holds 75.23%, Dongfeng (Shiyan) Industrial Co. holds 10.96%, Dongfeng Motor Group holds 9.81%, and Dana Mauritius Co., Ltd. holds 4%. The company is mainly engaged in the development, design, manufacture, and sales of axle assemblies. The products cover the full, medium, light, military, passenger, and farmer series, including steering axles, single-drive axles, through-drive axles, and steering axles. There are more than 1,700 varieties of more than 40 series and 5 types of bridges, and the total annual production capacity of axles is 900,000, and 800,000 sets of main driven gears. Dongfeng Dana Axle Products Co., Ltd. not only satisfies the loading of Dongfeng Motor Company, but also provides 6-12m passenger car series axle assemblies and light, medium and medium-sized buses for domestic buses and trucks and chassis manufacturers in Zhengzhou Yutong and Xiamen Jinlong. Heavy truck, agricultural vehicle series axle assembly. Business data shows that in 2010 the company's performance increased significantly. In 2009, Dongfeng Dana Axle Co., Ltd. realized operating income of 43.2227.17 million yuan, operating profit of 157.270 million yuan, net profit of 10926.83 million yuan; in 2010, the company realized operating income of 703,623,700 yuan, operating profit of 234,067,400 yuan, net profit of 21,241.86 million yuan. The transfer announcement put forward higher requirements for the intended transferee. The intentional transferee must be a legally-contributing domestic and foreign corporate legal person. The registered capital or net assets in 2010 shall not be less than RMB 700 million, and the operating revenue in 2010 shall not be less than RMB 3 billion. Intention assignees also have at least 20 years of experience in the design, manufacture, and management of commercial vehicle axle assemblies. They have the influence and ability to produce, supply and sell all types of axle assemblies in domestic and foreign markets. And has a wide range of end-user customers. The project does not accept joint assignments. After the equity transfer, Dongfeng Motor Co., Ltd. is still the largest shareholder of the target company. Dongfeng Motor Co., Ltd. is a joint venture between Dongfeng Motor Corporation and Nissan Motor Co., Ltd. Dongfeng Motor still has control over the target company.
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