Based on the shared vision of China's building technology industry, Hainan Building Technology Co., Ltd., a subsidiary of Midea Group Co., Ltd. (SZSE: 000333, HKSE: 00300, "Midea"), has signed an equity subscription agreement with Toshiba Elevator Co., Ltd. ("Toshiba Elevator") to acquire shares and join Toshiba Elevator and its International Group Limited (HKEX: 0025, "Chevalier") ) elevator joint ventures in China (Toshiba Elevator (China) Co., Ltd. and Toshiba Elevator (Shenyang) Co., Ltd., collectively referred to as "Toshiba Elevator China"). Upon completion of the transaction, Midea will acquire a controlling stake in Toshiba Elevator China. The transaction will follow the usual regulatory procedures in China, including the completion of an antitrust review, and is expected to close in the fourth quarter of 2024.
Toshiba Elevator China will continue to develop, design, manufacture and sell elevators under the Toshiba brand in the Chinese market, and provide installation and maintenance services, as well as provide products, parts and technical support to Toshiba Elevator Corporation's non-China business.
About Midea Group:
Midea Group is a global technology group covering five business segments of smart home, new energy and industrial technology, intelligent building technology, robotics and automation, and innovative business, with an investment of 100 billion yuan in research and development in the past 10 years, forming a portfolio of multiple brands such as Midea, Little Swan, Hualing, COLMO, KUKA, Welling, Hekang, Kelu, Gaochuang, Wandong and Lingwang, providing satisfactory products and services for more than 500 million users around the world every year, important customers and strategic partners in various fields. So far, Midea has been selected as one of the Fortune Global 500 companies for nine consecutive years, with more than 400 subsidiaries, 33 R&D centers and 43 major production bases around the world, covering more than 200 countries and regions.
About Toshiba Elevator :
Toshiba's elevator business covers the development, manufacturing, installation, commissioning and maintenance services of elevator-related products and systems. Since the first escalator was built in 1966, the company has been committed to creating a safe and comfortable mobile space with "Toshiba with technology and quality", providing customers with high-quality products and services, and promoting the development of elevator technology. Toshiba's ultra-high-speed elevators are the world's fastest elevators in 2004 and delivered to the Taipei 101 Building, demonstrating the world's highest level of technological prowess. On this basis, Toshiba Elevator continues to make unremitting efforts to create excellent technology and quality.
About Chevalier International Group:
Founded in 1970, Chevalier International Holdings Limited is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Chevalier Group has grown into a diversified multinational corporation with operations in Hong Kong, Macau, mainland, Singapore, Thailand, Vietnam, Australia, Canada, the United States and the United Kingdom. The Group's business scope includes construction and mechanical engineering, property investment, property development and operation, healthcare investment, automobile agency, and insurance and investment. The Construction & Engineering segment of the Chevalier Group is not only engaged in building construction works, but also deals in a wide range of construction materials, including elevators and escalators, air-conditioning systems, curtain walls, etc.
For more details, please visit: www.chevalier.com