Midea Group to Acquire Hiconics for RMB 743 Million

Midea Group announced on March 25 that it intends to invest RMB 743 million (US$ 105 million) through its subsidiary Midea HVAC Equipment to acquire 209 million shares of Hiconics from the company’s controlling shareholder Shangfeng Group and shareholder Liu Jincheng. The acquisition amounts to 18.73% of the total capital of Hiconics, giving Midea the controlling right of the company. At the same time, Shangfeng Group and its actual controller, Ye Jinwu, will entrust Midea HVAC Equipment with 5% of the total voting rights for a period of 15 months starting from the settlement date.