TBEA acquires ultra-high voltage in China

In order to develop high-voltage, ultra-high-pressure and ultra-high voltage GIS business, on the evening of June 16, TBEA announced that the company’s wholly-owned subsidiary, TBEA Shenyang Transformer Group Co., Ltd. (hereinafter referred to as Shende Company), acquired Zhongfa’s ultra-high voltage electrical equipment. The company's (hereinafter referred to as China Fat Ultra High Voltage) 51% stake, the total amount of 81.6 million yuan in equity transfer, Zhongfa Ultra High Voltage will become a holding subsidiary of TBEA.

TBEA stated in the announcement that Shenxu Corporation has signed the “Equity Transfer Agreement” with Shanghai Zhongfa Electric (Group) Co., Ltd. (hereinafter referred to as China Fat Group), Zhongfa Electric Corporation, and natural person Gao Jianshen. The company holds 51% of the shares in China Ultra High Voltage after the transfer. After the acquisition, Shenhua, Zhongfa Electric Co., Ltd. and Gao Jian Shen respectively held 51%, 32%, and 17% of the shares in the company.

According to the data, Zhongfa Ultra High Voltage registered capital is RMB 100 million. It mainly deals with high-voltage and ultra-high voltage power transmission and distribution equipment, circuit breakers, and combination switches.

This transfer will be one of the steps for the implementation of the transformation of China Fat Group. According to the “Securities Times” report, TBEA’s acquisition of assets originated from Zhongfa Group, while Zhongfa Group held a 42.38% stake in A-share listed company Zhongfa Technology, while Zhongfa Holding Group Co., Ltd. held 10% of the equity. With a total shareholding of 52.38%, the company has a total of 52.38%. According to market analysis, China Fat Group will take over the remaining equity in the current actual controller of the company, Tongling Industrial Investment Holdings Co., Ltd., thereby realizing its wholly-owned holding of Zhongfa Technology.

The China Development Group has transferred some of its ultra-high voltage business, and at the same time, it wants to wholly control Zhongfa Technology, which is expected to achieve its goal of developing into a technology-based manufacturing industry. Chen Denghua, former chairman of China Fat Development Group, said that the company will break through the labor-intensive manufacturing industry and use technology to enhance the national enterprise.

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