On August 16, 2011, Jinan Qingqi issued an announcement saying that at the company's second extraordinary general meeting of shareholders held on August 15, the "Proposal on Major Asset Replacement between the Company and China Changan Automobile Group Co., Ltd." After the four bills were passed, the case of China Chang'an, which was once obstructed, reorganized Jinan Qingqi Motorcycle Co., Ltd. finally settled.
According to the announcement, the two parties intend to replace the entire assets and liabilities of Jinan Qingqi with 100% of the equity of Hunan Tianyan Machinery Co., Ltd. held by China Changan by means of asset replacement.
According to the Chinese asset assessment report issued by China Assets Asset Management Co., Ltd. on November 10, 2010, as of September 30, 2010, the appraised value of the assets placed by Qingqi Qingqi was RMB 587,787,700, and the evaluation of assets placed by Hunan Tianyan was conducted. The value is 385,125,500 yuan; the announcement shows that the difference between the value of assets placed and the value of assets placed is 202.7514 million yuan, which will be supplemented to the company by China Chang'an in cash.
Through this restructuring plan, Jinan Qingqi will completely solve the problem of horizontal competition between the company and other subordinate motorcycle companies of the Military Corps Group. After the reorganization is completed, the main business of Jinan Qingqi will be transformed from the production and sales of motorcycles and parts to the production and sales of engine parts and components. The profitability of the company will be greatly improved.
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