Liu Jincheng, controlling shareholder and actual controller of Yifan Transmission, plans to transfer 4,665,024 unrestricted tradable shares of the company, representing 5.00% of total share capital, to the Guolian Tianyi Flexible Allocation No. 11 Collective Asset Management Plan managed by Guolian Securities Asset Management Co., Ltd., by way of an agreement transfer at 24.20 yuan per share, for a total consideration of 113 million yuan. Before the transfer, Liu Jincheng held 31,311,455 shares, or 33.56% of total share capital, and the transferee Flexible Allocation No. 11 held no shares in the company. After the transfer, Liu Jincheng's holding will fall to 26,646,431 shares, or 28.56%, and he will remain the company's controlling shareholder and actual controller, while Flexible Allocation No. 11 will hold 5.00% of the company's shares. The announcement makes clear that this agreement transfer does not involve a change of company control, does not involve a tender offer, and that the transferor and transferee are not related parties and are not persons acting in concert. Flexible Allocation No. 11 undertakes not to reduce its holding of the subject shares in any way for 12 months from the date the registration of transfer of the subject shares is completed, and to hold them for long-term investment purposes. This agreement transfer still needs to obtain compliance confirmation from the Shenzhen Stock Exchange and complete transfer registration procedures with the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, and the final implementation result remains subject to uncertainty.
Jiangnan Yifan Motor Co.LtdControlling shareholder Liu Jincheng is transferring 5% of Yifan Transmission to a Guolian asset management plan for 113 million yuan, with no change of control.
