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Meili High Technology and Daewon Kangup sign investment intention proposal

Meili High Technology announced that the company and Daewon Kangup signed an investment intention proposal on April 2, 2021. The company planned to get 70% of equity of Beijing Daewon Asian Automobile Technology Co., Ltd. and Jiangsu Daewon Asian Automobile Spring Co., Ltd. respectively by the way of cash injection and equity purchasing in cash. The injected capital and equity contributions totaled RMB245 million (USD37.36 million). Based on preliminary study and calculation, this deal would be a part of major asset restructuring.