Wanxiang Will not Divest Qianchao Bearing

Resource from: cbcc-yinx Likes:2955

Apr 19,2006

In last month, Wanxiang Qianchao Bearing Stock Co.,Ltd announced their equity division program. If everything proceeded as what had been specified in the program, Wanxiang Group's holding shares in Qianchao would be diluted from 58.52% to 51.62%. Therefore, whether Wanxiang Group will sell their diluted-shares in Qianchao become the sensitive topic among shareholders and insiders. In the course of Wanxiang Group's board meet several days ago, some shareholders asked Mr. Lu guanqiu, chaireman of Wanxiang Group, "Is there any possibility that you will gradually cut your shares in Qianchao and ultimately sell all your shares? If some foreign powers were willing to buy your Qianchao shares at favourable price, what will you do? " To respond to the suspision, Mr. Lu said resolutely:"I will by no means sell the share I held in Qianchao, unless Wanxiang were on the verge of collapse." Mr. Lu added that the equity division is an important event. It is through this equity division that the Qianchao Bearing and Wanxiang Group could strenthen themself and could employ more efficient managing means. Mr. Lu's words on the board meet completely eliminated all worries that had troubled other shareholders and insiders.

(cbcc-yinx)

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