Xinchen China Power, Subsidiary Renew Purchase, Sales Agreements with Controlling Shareholders

MT Newswires Live

2024/10/18

Xinchen China Power (HKG:1148) renewed its purchase and sales agreement with its controlling shareholder Brilliance China for another three years.

The company's subsidiary Mianyang Xinchen Engine agreed to renew its purchase agreement with Xinhua Combustion Engine for another three years, a Friday filing with the Hong Kong Exchange said.

The automotive engine manufacturer will purchase engine components from Brilliance and sell engines to it while Mianyang Xinchen will purchase engine components from Xinhua Combustion Engine.

The annual caps proposed for the purchase of engine components from Brilliance China are 3.8 million yuan for 2025, 2.4 million yuan for 2026, and 1.8 million yuan for 2027.

The annual caps proposed for the sale of engines to Brilliance China are 106.1 million yuan for 2025, 168.7 million yuan for 2026, and 218.0 million yuan for 2027.

The annual caps proposed for the purchase of engine components from Xinhua Combustion Engine are 97.8 million yuan for 2025, 126.4 million yuan for 2026, and 191.7 million yuan for 2027.

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