Shanghai(Gasgoo)-On Sept. 28, Huayu Automotive System Co., Ltd. announced its acquirement of 50% equity of Shanghai Koito Automotive Lamp Co., Ltd. with RMB 1.716 billion. Before the deal, Huayu Automotive System, Japan Koito and Toyota Tsushu held Shanghai Kioto's stake of 50%, 45% and 5% respectively. Once the acquirement completed, Shanghai Koito Automotive Lamp Co., Ltd. will be Huayu Automotive System's wholly owned subsidiary.
Shanghai Koito Automotive Lamp Co., Ltd. manufactures and sells automotive lamps. It offers products for SAIC Volkswagen, SAIC-GM, Changan Group, SAIC Motor Passenger Motor, Dongfeng Nissan, and etc. In 2016, Shanghai Koito earned revenue of RMB 9.825 billion, and the net profit is RMB 406 million. From January to July, 2017, the revenue of Shanghai Koito Automotive Lamp reached RMB 7.023 billion, and its net profit is RMB 293 million.
As a leading auto parts company in China, Huayu Automotive System has six core business divisions, such as metal forming & dies, interior & exterior trimming, electric and electronics parts, function parts, hot-worked parts and new energy parts. In the first half of the year, Huayu Automotive System has an excellent performance thanks to its shareholder company SAIC Group, as well as Chinese auto companies, such as SAIC Volkswagen, SAIC-GM, FAW-VW, Changan Ford, and etc. In the first half of 2017, Huayu Automotive System achieved total revenue of RMB 68.394 billion with an year-on-year increase of 11.5%. The net profit belonging to holding company is RMB 323.3 million, increased by 5.52% year on year.
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