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Infineon plans to acquire 100% equity of China Hong Kong Power and invest in a wholly-owned subsidiary
Recently, Infineon Electronics (Hangzhou) Co., Ltd. announced that it had entered into a "Share Purchase Framework Agreement" with 14 investors, including Nanjing Microchip Investment Management Partnership, Beijing Guotai Jiaze Venture Capital Center, and Suzhou Qingyan Automobile Industry Venture Capital Enterprise. The deal involves the acquisition of 100% of the shares of China-Hong Kong Power from the seller using cash payment.
China Hong Kong Power, founded in 2013, is a leading domestic manufacturer of core components for new energy vehicles. The company's clean energy vehicle products are extensively used in various types of electric and hybrid passenger vehicles as well as commercial electric vehicles like buses and specialized vehicles. These products have garnered trust and partnerships with major domestic and international clean energy vehicle manufacturers such as BAW New Energy, Dongfeng Nissan, Changan, and Jianghuai.
According to the agreement, Infineon will acquire the shares of China-Hong Kong Power from the transferor through a cash transaction. Once the transaction is complete, Infineon will hold 100% of the shares in China Hong Kong Power. Preliminary discussions between the parties involved have set the estimated value of the underlying assets at approximately 200 million yuan.
The transferor has also committed to certain performance targets. For the profit commitment period of 2017, 2018, and 2019, China Hong Kong Power must achieve a minimum net profit of 10 million, 14 million, and 20 million yuan, respectively. If the transaction is finalized in 2018, the commitment period will shift to 2018, 2019, and 2020, with respective minimum profits of 14 million, 20 million, and 21 million yuan.
Infineon stated that this acquisition of China-Hong Kong Electric Power will facilitate the company’s rapid expansion within the new energy vehicle sector. This move is expected to strengthen Infineon’s core business and align with the interests of both the company and its shareholders.
On the same day, Infineon also announced its plan to establish a wholly-owned subsidiary in Tonglu County, Zhejiang Province. The new entity, named Zhejiang Yingfei Special Energy Technology Co., Ltd., will focus on expanding the company’s new energy vehicle onboard charging products and other charging-related businesses.
Zhejiang Yingfei Special Energy Technology Co., Ltd. has a registered capital of 10 million yuan, entirely funded by Infineon using its own resources. The company’s primary areas of operation include research, development, and production of electric vehicle charging stations, onboard charging products, and related electronic devices. Additionally, it will engage in the research, construction, and operation of electric vehicle charging facilities, as well as the sale of self-developed products and the provision of technical support.
Infineon emphasized that establishing this new energy venture abroad will leverage the company’s technological strengths in the field of switch-mode power supplies. This move aims to boost brand recognition and market competitiveness, thereby expanding the company’s operational scale. By optimizing the industrial layout, Infineon anticipates enhancing its overall competitiveness, elevating its position in the industry, and laying a solid foundation for sustainable future growth.
[Image: A logo image for Infineon Technologies]
This strategic move reflects Infineon’s commitment to staying ahead in the rapidly evolving new energy vehicle market, ensuring long-term success and innovation in the sector.