On October 10, Guangdong Genesis Intelligent Equipment Group Co., Ltd. (“Genesis”) announced that the company intends to purchase the company’s holding subsidiary Shenzhen Genesis Machinery Co., Ltd. ( “Shenzhen Genesis”) 19.13% of minority shareholders, the transaction price is 1.302 billion yuan. At the same time, Genesis plans to issue shares to raise supporting funds of no more than 1.3 billion yuan, which will be used for core projects and supplement working capital.
Genesis is mainly engaged in the production and sales of CNC machine tools through Shenzhen Genesis. Recently, Genesis and the National Manufacturing Fund signed a strategic cooperation agreement to carry out strategic cooperation on high-end CNC machine tools and high-end intelligent equipment. At the same time, Shenzhen Genesis plans to build a high-end CNC machine tool manufacturing industrialized production base project in Changxing County, Huzhou City, Zhejiang Province. The total investment is expected to reach 1.8 billion yuan, which will be invested in two phases.