On December 10, 2009, Shaanxi Qinchuan Machine Tool Group and Baoji Machine Tool Group jointly held a signing ceremony for capital increase and share expansion. Qinchuan Group invested in the acquisition of part of the equity held by the original shareholders of Baoji Machine Tool Group Co., Ltd. and increased the capital of Baoji Machine Tool.
Shaanxi Qinchuan Machine Tool Group, with its strong scientific research and capital advantages, continuously strengthens technological innovation and strives to improve its product structure. It has become an important grinding machine R&D and production enterprise in China.
Baoji Machine Tool Factory is a national large-scale industrial enterprise and a key enterprise of Jinchee Machine Tool. It is a high-tech enterprise specializing in the production of various types of CNC machine tools and horizontal lathes. It produces more than 10,000 sets of machine tools every year. In 2008, its sales revenue reached 1.102 billion yuan.
After the transaction is completed, Qinchuan Machine Tools Group will hold a 51% stake in Baoji Machine Tool Group. At this point, Shaanxi Qinchuan Machine Tool Group has officially owned the unique advantages of Qinchuan Development, Hanjiang Machine Tool, Hanjiang Tools, Baoji Machine Tool and other unique products.
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