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China Zenix Auto International Limited (OTC: ZXAIY) announced the completion of its merger with Newrace Mergersub Limited, resulting in the Company becoming a wholly-owned subsidiary of Newrace Limited. Shareholders will receive $0.27 per ordinary share and $1.08 per American depositary share (ADS) in cash. This merger follows shareholder approval on January 21, 2022, and effective January 28, 2022, the listing of ADSs will be suspended on the OTC Pink tier. The Company will also file a Form 15 to suspend its reporting obligations under the Securities Exchange Act.
On January 21, 2022, China Zenix Auto International Limited (OTC: ZXAIY) announced that shareholders approved the merger agreement with Newrace Limited. Approximately 76.1% of outstanding shares were represented, with 99.4% voting in favor of the merger. Following the deal, Zenix will become a private entity and its American depositary shares will be delisted from the OTC Markets. The merger aims to streamline operations and enhance competitiveness in the commercial vehicle wheel manufacturing sector.
China Zenix Auto International Limited (OTC: ZXAIY) has convened a General Meeting of shareholders on January 21, 2022, in Beijing to discuss the approval of a merger with Newrace Limited. This merger, proposed in the Merger Agreement dated October 19, 2021, would make Zenix a privately held entity, leading to the delisting of its American depositary shares (ADS) from the OTC markets. Shareholders eligible to vote must be recorded by December 20, 2021. Zenix is the largest commercial vehicle wheel manufacturer in China, with extensive production capabilities.
China Zenix Auto International Limited (OTC: ZXAIY) reported its unaudited Q3 2021 financial results, revealing a revenue decline of 17.4% year-over-year to RMB403.2 million (US$62.6 million). Net loss widened to RMB216.1 million (US$33.5 million), with a loss per ADS of RMB4.19 (US$0.65). Sales to the Chinese OEM market decreased 22.7%, and tubeless steel wheel sales significantly dropped 43.5%. Despite challenges, aluminum wheel sales grew 34.1%. The company received a takeover offer at US$1.08 per ADS, indicating a 390.9% premium.
China Zenix Auto International Limited (OTC: ZXAIY), a leading commercial vehicle wheel manufacturer in China, will release its unaudited financial results for Q3 2021 on November 30, 2021, before market opening. The company operates six manufacturing facilities with an annual production capacity of approximately 15.5 million wheels. It offers over 800 series of wheels, servicing both the aftermarket and OEM markets. Zenix Auto products are exported to more than 54 distributors across 24 countries.
China Zenix Auto International Limited (OTC: ZXAIY) announced a Merger Agreement with Newrace Limited, implying an equity value of approximately US$55.755 million. Shareholders will receive US$0.27 per share, with a substantial premium of 390.9% on the last closing price before the announcement. The merger is expected to close in Q1 2022, contingent on shareholder approval. Notably, Parent holds about 69.53% of voting rights. If completed, the company will go private, concluding its SEC reporting obligations.
China Zenix Auto International Limited (OTC: ZXAIY) announced its 2021 Annual General Meeting (AGM) to be held on December 3, 2021, at 10:00 a.m. Beijing time. Registered shareholders as of October 26, 2021, will have voting rights. The notice will be released on November 2, 2021, available on the company's website. Zenix Auto is a leading commercial vehicle wheel manufacturer in China, with an annual production capacity of 15.5 million units. The company has also filed its annual report for the fiscal year ended December 31, 2020, with the SEC.
China Zenix Auto International Limited (OTC: ZXAIY) reported its Q2 2021 financial results, showing revenue of RMB 527.2 million (US$81.7 million), a 5.0% year-over-year increase. The company experienced a net loss of RMB 244.0 million (US$37.8 million), significantly larger than the loss of RMB 78.6 million in Q2 2020. Sales to the OEM market grew by 10.4%, while aftermarket sales declined. Rising raw material costs have contributed to the losses. As of June 30, 2021, Zenix Auto had cash and equivalents of RMB 434.3 million (US$67.3 million).
On August 10, 2021, China Zenix Auto International Limited (OTC: ZXAIY) announced a non-binding proposal to acquire all outstanding shares not currently owned by its Chairman, Jianhui Lai, and his company, Newrace Limited. The board formed a Special Committee of independent directors to assess the proposal, which includes Mr. To Wai Suen as chairman. The company clarified that the proposal is preliminary and not a binding commitment, with no assurance of a definitive agreement. Shareholders are not required to take action at this time, and further announcements will follow as necessary.
China Zenix Auto International Limited (OTC: ZXAIY) plans to release its unaudited financial results for Q2 ended June 30, 2021, on August 31, 2021, before market opening. As one of China's largest commercial vehicle wheel manufacturers, Zenix Auto offers over 800 series of wheels and has an annual production capacity of approximately 15.5 million units. The company's products are sold to major PRC commercial vehicle manufacturers and exported globally. A conference call will follow the earnings release for investor inquiries.
