Sichuan Changhong To Exchange Assets With Its Parent Company

By Editor
December 05, 2006

Sichuan Changhong has published an announcement, saying that it will exchange about CNY1.577 billion assets with its shareholder and parent company Changhong Group.

According to the announcement, Sichuan Changhong will sell CNY400 million securities to Apex and CNY1.177 billion inventory to Changhong Group and buy in the latter’s trademark for CNY1.378 billion and land access for CNY190 million. The price difference of CNY43.708 million will be made up by Changhong Group in cash.

Sichuan Changhong says it won’t have to amortize Changhong Group’s intangible assets according to the new accounting principle to be adopted next year, therefore, this transaction won’t affect its profit stance.

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