Market Overview

Zenix Auto's Chairman Becomes Controlling Shareholder

China Zenix Auto International Limited (NYSE: ZX) today announced that Mr. Jianhui Lai ("Mr. Lai"), the founder, chairman of the board of directors and chief executive officer of Zenix Auto, has exercised his option to purchase all of the outstanding equity of Newrace Limited from its sole shareholder, Ms. Laifan Chu ("Ms. Chu"), and as a result, has become Zenix Auto's controlling shareholder.  Newrace Limited owns 143,690,400 ordinary shares of the Company, representing 69.6% of the Company's total issued and outstanding ordinary shares.

As previously disclosed, following a restructuring of the Company's business in preparation for its planned initial public offering, Mr. Lai and Ms. Chu entered into a share purchase option agreement dated as of October 25, 2010.  Under that agreement, Mr. Lai had an option to purchase any or all of the share capital of Newrace Limited from Ms. Chu during the period from January 1, 2009 to December 31, 2013 at an agreed exercise price.  On December 19, 2012, Mr. Lai issued a notice of exercise to

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Posted-In: News Guidance Management M&A Global

 

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