(Yicai Global) Oct. 8 -- As its planned asset acquisition falls afoul of new regulations for mergers, acquisitions and reorganizations, Xingmin Intelligent Transportation Systems (Group) Co.[SHE:002355] has decided to halt its latest asset acquisition scheme, opting instead for a non-public offering to realize its "hardware + data operating" vehicle networking industry chain.
Xingmin Intelligent Transport said today the company stopped its major asset acquisition plan, citing the firm's inability to agree with its undisclosed counterpart in the rather murky deal on such matters as price, business development planning and performance commitments. The company plans a non-public share issue in furtherance of its 'hardware + data operation' vehicle network. The non-public offering will resume after resolution of specific matters, but such period will not exceed 10 trading days.
The firm disclosed no added details.
Xingmin Intelligent Transportation Systems (Group) Co. is based in the port city of Longkou, in east-central China's Shandong province. The nation's top steel-wheel maker, after ten years' growth, it has wheel R&D, production and sales divisions, and its car networking data service is poised to transform and modernize its enterprise pattern. The firm -- originally named Shandong Xingmin Wheel Co. -- is jacking itself up from a traditional wheel manufacturer to a vehicle-networking juggernaut by scooping up technology company assets, such as its Sept. 24 grab of Beijing 95190 Information Technology Co.