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Chongqing Machinery & Electric Co. Ltd. Class H ( (HK:2722) ) has shared an update.
Chongqing Machinery & Electric Co., Ltd. announced a connected transaction involving its subsidiary, Chongqing Machine Tools Group, acquiring 100% equity interest in a target company from the Asset Company, a subsidiary of its controlling shareholder. The valuation for this acquisition was conducted using an asset-based approach due to the gear industry’s competitive nature and profit fluctuations, making income and market approaches unsuitable. This transaction aims to strengthen the company’s position in the gear industry, despite the challenges posed by intense domestic competition.
More about Chongqing Machinery & Electric Co. Ltd. Class H
Chongqing Machinery & Electric Co., Ltd. operates in the machinery and electric industry, focusing on the production of machinery tools and electric equipment. The company is based in the People’s Republic of China and is involved in various sectors including the gear industry, which is known for its rapid technological advancements and intense competition.
YTD Price Performance: 61.25%
Average Trading Volume: 11,642
Technical Sentiment Consensus Rating: Sell
Current Market Cap: €512.7M
See more insights into 2722 stock on TipRanks’ Stock Analysis page.