Oriental Xinyuan to acquire controlling stake in Mg-Al alloy die-casting firm
2024-07-29 16:04:18 [Print]
On July 26, Oriental Xinyuan Holdings Limited entered into a restructuring and investment agreement with LONCIN and its related companies to acquire 56,387,350 shares of Fenghua Group, amounting to a 29.99% stake in Fenghua Group, for a total of RMB745 million (USD103 million). Upon completion, Oriental Xinyuan will become the the majority shareholder of Fenghua Group.
Fenghua Group is mainly engaged in die-casting of magnesium and aluminum alloy, production of aluminum household products and PV aluminum alloy products. According to the company's annual report, nearly 70% of revenues came from the business of Mg-Al hand tool accessories and automotive parts in 2023.
Fenghua Group is mainly engaged in die-casting of magnesium and aluminum alloy, production of aluminum household products and PV aluminum alloy products. According to the company's annual report, nearly 70% of revenues came from the business of Mg-Al hand tool accessories and automotive parts in 2023.
Aluminum Alloy TC A356.2 Delivered China
Unit:RMB/mt
China secondary aluminum alloy producers' sales to production ratio statistics by province by month
Unit: %
