China News Network: Reduced its holdings of 191 million shares of Sany Heavy Industry, and the development of new business of Sany Group was accelerated

Source: China News Network

Chinanews.com, April 28 Yesterday, Sany Group reduced its holdings of 190,766,600 shares of Sany Heavy Industry through the block trading system of the Shanghai Stock Exchange, accounting for 2.505% of its total share capital. Sany Heavy Industry confirmed the news in today's announcement and said that the above-mentioned changes in equity will not lead to changes in the company's controlling shareholders and actual controllers.

Before this reduction, Sany Group originally held 3,827,795,612 shares of Sany Heavy Industry, accounting for 50.257% of its total share capital; After the reduction, Sany Group held 3,637,029,012 shares, accounting for 47.752% of the total share capital.
For the purpose of this reduction, Sany Group said that in recent years, the group has been committed to business upgrading and transformation, and the funds obtained will be mainly used for investment. Among them, the PPP project and Jiulong Property Insurance are in close preparation, and at the same time, the company's intelligent upgrade with the theme of Industry 4.0 has also been officially launched, etc.
Sany Group said that since its establishment, Sany Group has continued to incubate new businesses in the role of a parent company, from welding materials in the early days, to machinery manufacturing later, and thenPort machinery, wind power business, etc., have been successful one by one, and a lot of financial support is needed in the process of developing new businesses, and this reduction is to provide assistance for the company's future development.
At the same time, the company emphasized that Sany Group has always been the major shareholder of Sany Heavy Industry, and this reduction will not weaken the group's controlling stake in Sany Heavy Industry, and the construction machinery business will still be the focus of the group's long-term development.