Oriental Xinyuan to acquire controlling stake in Mg-Al alloy die-casting firm

On July 26, Oriental Xinyuan Holdings Limited entered into a restructuring and investment agreement with LONCIN and its related companies to acquire 56,387,350 shares of Fenghua Group, amounting to a 29.Asian Metal Copyright According to the company's annual report, nearly 70% of revenues came from the business of Mg-Al hand tool accessories and automotive parts in 2023.Asian Metal Copyright99% stake in Fenghua Group, for a total of RMB745 million (USD103 million).Asian Metal Copyright Upon completion, Oriental Xinyuan will become the the majority shareholder of Fenghua Group.Asian Metal Copyright Upon completion, Oriental Xinyuan will become the the majority shareholder of Fenghua Group.

Fenghua Group is mainly engaged in die-casting of magnesium and aluminum alloy, production of aluminum household products and PV aluminum alloy products. According to the company's annual report, nearly 70% of revenues came from the business of Mg-Al hand tool accessories and automotive parts in 2023.

.Asian Metal Copyright Upon completion, Oriental Xinyuan will become the the majority shareholder of Fenghua GroupAsian Metal Copyright