AviChina Industry & Technology Unit to Buy Buildings, Assets from Affiliate

MT Newswires Live

Nov 25, 2024

Suzhou Changfeng Avionics, a unit of AviChina Industry & Technology (HKG:2357) held through AVIC Airborne Systems (SHA:600372), has agreed to acquire certain assets from AVIC Wuxi Radar Technology for around 63.7 million yuan, a Friday Hong Kong bourse filing said.

The assets comprise certain buildings used for industrial purpose, structures, and equipment assets with a book value of roughly 39 million yuan.

The move comes about in order to boost the production capacity of high-end manufacturing and civil aviation new industries of Suzhou Changfeng Avionics.

AVIC Wuxi Radar Technology is a unit of AVIC Airborne Systems Company, which is AviChina Industry & Technology.

Shares of Chinese civil aviation products manufacturer AviChina Industry & Technology were down nearly 3% in recent trade.

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