Guoxuan High-Tech: Actual controller and controlling shareholder pledge shares to Volkswagen China

Photo/VCG

NBD AI Bulletin,Guoxuan High-Tech Co., Ltd. (the Company, SZ 002074, closing price: 26.62 yuan) announced on June 28 that the Company had recently received notices from Mr. Li Zhen, the actual controller of the Company, and Zhuhai Guoxuan Trade Co., Ltd. (Zhuhai Guoxuan), the controlling shareholder. According to an equity transfer agreement Mr. Li Zhen and Zhuhai Guoxuan signed with Volkswagen (China) Investment Co., Ltd. (Volkswagen China) on May 28, 2020, Volkswagen China shall pay a deposit of about 620 million yuan within ten working days after the signing of the agreement, and Mr. Li Zhen and Zhuhai Guoxuan shall pledge to Volkswagen China about 31.57 million shares and about 24.9 million shares of their holdings in the Company, respectively, within ten working days after the deposit payment. As of the date of this announcement, the cumulative number of pledged shares of the controlling shareholder and persons acting in concert has exceeded 50% of their shares in the Company, but has not reached 80%.

According to the 2019 annual report, GuoXuan-Tech Co., Ltd.'s main businesses are battery, power transmission & distribution and control equipment manufacturing, accounting for 87.14% and 10.08% of its revenue, respectively.

Guoxuan High-Tech Co., Ltd.'s chairman and general manager is Li Zhen, male, 56 years old, Chinese national, EMBA of Cheung Kong Graduate School of Business.

(By Li Menglin)

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