The commitment of XCMG excavator injection will be

XCMG excavator injection commitment is proposed to be extended to December 31, 2016

XCMG excavator injection commitment is proposed to be extended to December 31, 2016

China Construction machinery information

on the evening of June 27, XCMG machinery disclosed that the actual controllers and shareholders should always clean the performance of the commitments of the company, related parties, acquirers and the company. According to the commitments of Xuzhou Construction Machinery Group Co., Ltd. and XCMG Construction Machinery Co., Ltd., after the completion of major asset restructuring in 2009, XCMG group and XCMG Co., Ltd. did not inject construction machinery assets into XCMG machinery, including investment in Xuzhou XCMG excavation machinery Co., Ltd., Jiangsu XCMG Construction Machinery Leasing Co., Ltd. and five joint ventures slewing ring Co., Ltd.)

as for the expiration date of fulfilling the commitment of XCMG excavator injection on July 30, 2014, XCMG said that the industry in which XCMG excavator is located belongs to a completely competitive industry with high maturity, serious homogenization and fierce competition, and the industry is at a low ebb; At the same time, considering that XCMG excavator has entered normal operation for a short time after the expiration of the construction period, its asset liability ratio is high, and its profitability is lower than XCMG machinery, it is still in the cultivation period of the market, with high investment in market expansion, brand construction, product research and development, technical transformation and other aspects, and low gross profit margin of products. Therefore, XCMG proposes to change the commitment to "inject Xuzhou XCMG excavation machinery Co., Ltd. into XCMG machinery before December 31, 2016." XCMG machinery plans to submit the above proposal of changing the commitment to the board of directors of the company for deliberation, and submit it to the general meeting of shareholders of the company for deliberation before the expiration date of the commitment on July 30, 2014

with regard to the expiration date of commitment fulfillment for XCMG leasing on July 30, 2014, XCMG group said that the current domestic financial leasing business market is immature, the accounts receivable are large and occupy a large amount of funds, and the leasing business risk is high; At the same time, taking into account the high asset liability ratio and weak profitability of XCMG leasing, by the end of 2013, the asset liability ratio of XCMG leasing was 31.64 percentage points higher than that of the company, and the fully diluted return on net assets was 5.92 percentage points lower than that of the company; Continuing to fulfill commitments will bring greater financial pressure to listed companies and high repeatability of non testing; The latter is cheap to determine risks, which is not conducive to safeguarding the rights and interests of listed companies and protecting the interests of minority shareholders; Therefore, XCMG group proposes to waive the commitment. XCMG machinery plans to submit the above-mentioned proposal of exemption from fulfilling the commitment to the board of directors of the company for deliberation, and submit it to the general meeting of shareholders of the company for deliberation before July 30, 2014 when the commitment is due to be fulfilled

XCMG machinery said that XCMG Co., Ltd. has earnestly fulfilled its commitments and has sent a notification letter to the foreign shareholders of the five joint ventures about the proposed transfer of the capital contributions of the five joint ventures to XCMG machinery

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