The reporter learned from Xiamen Jinlong Automobile Group Co., Ltd. on the 11th that the company plans to acquire the entire equity of Jintian Co., Ltd. held by Lin Jinshan and Lin Binghuang, thus realizing the Xiamen Jinlong Light Bus Body Co., Ltd. (hereinafter referred to as “ Full ownership of the Lightbus Body Company").
According to the statistics, the light passenger vehicle company was established on October 27, 2005. At present, the registered capital of the company is RMB 63.75 million. The business scope is “automobile body product development, body parts manufacturing and salesâ€. The operating period has been since October 2005. From the 27th to the December 17th, 2021, the registered place is the third floor of No. 69 Huli Avenue, Huli District, Xiamen City. As of December 31, 2012, the company's total assets were 206.7776 million yuan and net assets were 133.5584 million yuan (audited by Certified Public Accountants).
The company is a joint venture between Xiamen Golden Dragon Auto Body Co., Ltd. and Kam Tin Company. The former holds 66.67% of the shares, while the latter holds 33.33% of the shares. Golden Dragon Motor holds 87.69% shares of the former. In 2012, Jinlong Body Company's operating income was 440 million yuan, a year-on-year decrease of 7.11%; the annual net profit was 60,905,400 yuan, a year-on-year decrease of 35.08%. The decline in profit was mainly due to the decrease in product prices and the increase in the corporate income tax rate of subsidiaries.
Golden Dragon Motors plans to use the 33.33% (about 44.45 million yuan) net assets of Lightbus Body Company as of December 31, 2012 to acquire the shares of Lin Jinshan and Lin Binghuang in the hands of Kam Tin Company.
Jinlong Automobile expects that after the completion of the acquisition, the company’s share of the company’s shareholder equity in the parent company will increase from 58.46% to 91.79%.
Jinlong Motors is one of the leading companies for large, medium and light passenger cars in China. In 2012, the company sold a total of 73,600 passenger cars of various types, of which light passenger car sales were 31,900.
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