Shenzhen Capital-backed Dehong to divest 29.99% to state firm for $154m

Shenzhen Capital Group-backed automobile alternator manufacturer Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd has agreed to sell a 29.99 per cent stake to state-owned Asset Management Service Center of The Government of Ningbo Zhenhai for 1.087 billion yuan ($154 million), per a filing with the Shanghai Stock Exchange.

With the deal, Zhenhai Investment will become the largest shareholder in Dehong. State-owned Asset Management Service Center of The Government of Ningbo Zhenhai, the parent company of Zhenhai Investment, will serve as an actual controller. 

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