The textile industry in the doldrums, does not prevent Jingwei Textile Machinery Holdings, a subsidiary holdings

The textile industry in the doldrums, but that does not preclude Jingwei Textile Machinery (000666) holdings Holdings, a subsidiary Wuxi Jingwei Textile Technology Company Limited Test 33.45 percent stake in the other.

Jingwei Textile Machinery today announced that the controlling shareholder of China Textile Machinery (Group) Co., Ltd. of its intention to hold the Wuxi latitude 33.45 percent stake in the transfer. As the state-owned equity stake in it to be part of the shares of the Beijing Property Rights Exchange is why the public bidding for the transfer. Jingwei Textile Machinery decision by Beijing Holdings, a subsidiary Jingwei Textile Machinery Co., Ltd. to participate in new technologies, bidding shares of the above, and authorized managers on behalf of the company’s handling of the “framework of the equity transfer agreement” signed, the bid price to the assessed subject of the transaction On behalf of the net assets of the foundation.

Show that the registered capital of Wuxi latitude for 49,530,000 yuan, Jingwei Textile Machinery equity ratio was 66.55%, Textile Machinery Group in the equity ratio of 33.45 percent. Operating range of cotton yarn production, sale; textile equipment, technology and related equipment, such as research and development.

As of December 31, 2007, total assets of Wuxi Jingwei 1.30 billion, net assets of 55,420,000 yuan in 2007 to achieve annual operating income 118,000,000 yuan, for a net profit of 1,130,000 yuan. As of May 2008, Wuxi Jingwei assets amounted to 135 million, and net assets of 54,140,000 yuan, to achieve operating income of 44,350,000 yuan, and net loss of 2,300,000 yuan. To May 31, 2008 as a baseline assessment, Wuxi Jingwei, after assessment, the net assets of 77,737,900 yuan, 23,598,400 yuan assessment of the value-added, value-added rate of 43.59 percent. The subject of the transaction represents the net asset value of 26,003,330 yuan.