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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., Ltd., also known as Foxconn (SS:601138), announced that its subsidiary, Fujin Precision Industry (Jincheng) Co., Ltd., has acquired a significant shareholding in Inner Mongolia Xinjing Photovoltaic Power Generation (HM:PGV) Co., Ltd. The transaction, which took place today, involved the purchase of shares amounting to a total monetary value of RMB 135 million.
The deal increases Fujin Precision Industry’s shareholding percentage to 93.10%, with the remaining 6.90% held by Fuyang New Energy Science and Technology (Nanyang) Co., Ltd. Notably, the transaction did not involve any cash investment; instead, it was characterized as a capital increase of the subsidiary. The counterparties in the transaction are affiliated firms, indicating that the transaction was conducted within the corporate group.
The board of directors approved the transaction on the same day, with no dissenting opinions reported. The acquisition is intended for long-term investment purposes. According to the press release, the transaction does not involve a change in the business model for Hon Hai or its subsidiary.
The investment represents a 0.29% ratio to Hon Hai’s total assets and a 0.63% ratio to the owner’s equity, based on the most recent financial statements. The operating capital of Hon Hai was reported as NTD -241,579,390,000.
No brokers were involved in the transaction, and therefore, no broker’s fees were paid. Additionally, the shares acquired by Fujin Precision Industry do not come with any restrictions of rights.
The press release did not disclose any further details on the terms of delivery or payment, restrictive covenants in the contract, or other important terms and conditions. It also mentioned that no concrete dissenting opinions were recorded from the directors regarding this transaction.
This strategic move by Hon Hai’s subsidiary is based on the use of self-owned funds and does not involve any external financial advisors, as indicated by the absence of CPA involvement. The information is based on a press release statement, ensuring transparency about the source of the facts reported.
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