(Yicai Global) Sept. 01 -- Luxshare Precision Industry Co [SHE:002475] clarified in a statement that it is not directly involved in the rumored acquisition of the vehicle body control system unit of German car parts manufacturer, ZF Friedrichshafen AG (ZF Group).

 The actual acquirer is Luxshare Ltd., controlling shareholder of the A-share listed firm, and it does not intend to inject new assets into Luxshare Precision Industry, per the statement outed yesterday evening.

 The signing by Luxshare Ltd. of legal documents with ZF Group's wholly-owned subsidiary TRW Automotive Inc. (TRW), to acquire the latter's Global Body Control System division (including its assets or equities) on Aug. 30 has now been confirmed.

 After the deal, Luxshare Ltd. will set up a new company as the operator of the assets bought, and does not plan to inject them into Luxshare Precision Industry, per the statement.

 The new firm's products, technologies and target markets differ from those of Luxshare Precision Industry, and thus will not compete with it, the statement added.

 Luxshare Precision Industry has agreed to take over ZF Group's car control panel manufacturing and radio frequency electronic businesses, online media reported yesterday, asserting that the deal will wrap up by year's end.