The car sales service provider Harmony Motors (3836.HK) announced on the evening of December 22 that it will enter into a subscription agreement with Foxconn (Far East) Co., Ltd. to issue and allot a total of 12,8734,000 subscription shares at a subscription price of 4.73 per share. The Hong Kong dollar has a total amount of HK$608,911,820. Upon completion of the Subscription, it will account for approximately 10.526% of the total issued share capital of the Company.
It is estimated that the gross and net proceeds of the Subscription (after deducting all applicable costs and expenses) are estimated to be approximately HK$608,911,820 and HK$601,225,280, respectively. The net proceeds will be used as a potential investment in Harmony's new energy electric vehicle manufacturing sector.
The two parties may launch a new energy and electric vehicle business. Foxconn (Far East) Co., Ltd. is a wholly-owned subsidiary of Hon Hai Precision Industry Co., Ltd., mainly engaged in the manufacture and sale of computer, communication and consumer electronics (3C) products, 3C Related parts and services.
Harmony Motors is a leading automotive distribution group specializing in luxury and ultra-luxury brands in China. It has 25 sales offices and over 10 dealer brands including BMW, Rolls Royce, MINI, Audi, Ferrari, Maserati, etc. Always committed to expanding business and constantly exploring new growth models.
It is understood that Hon Hai Group has recently invested and deployed frequently in the electric vehicle market. Guo Taiming, the president of Hon Hai Group, led a team of nearly 20 people in early December to go to the Suida Electric Vehicle Company in Sanmenxia City, Henan Province for field trips and drove. The speed up electric car officially opened the cooperation opportunity. Then, Foxconn and Beiqi joint venture electric car rental company also reported good news obtained by the China Science and Technology Bureau and successfully entered the local electric car rental market. In the future, the two sides will cooperate on new energy and electric vehicles.
The prospect of high-tech intelligent electric vehicles is broad and harmonious. The board of directors believes that this subscription is extremely beneficial to Harmony Auto and Foxconn. It strengthens the advantages of each other in terms of capital and technical resources, and promotes a series of strategies, financing and tactics. Achieving agreement on the goal will further consolidate the existing strategic partnership between Harmony Auto and Foxconn and pave the way for further cooperation in the future.
Feng Changge, Chairman of Harmony Motors, said that the “Subscriptions are the basis for the strategic cooperation between the Group, the investors and Hon Hai, enabling the Group to consolidate its vast distribution network and expertise in the luxury and ultra-luxury vehicles business in China while expanding the electric vehicle business. ."
Harmony Auto and Foxconn have a common understanding on the future development of electric vehicles. The company believes that the emergence of high-tech intelligent electric vehicles is a revolution in the traditional automobile industry. The traditional engine-based spare parts will be eliminated, the automobile manufacturing will be more simple, and at the same time, the Internet marketing model will be used. broad.
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