Rongyu Group Co., Ltd. is a Chinese listed company based in

Jilin City Jilin City (), alternately romanized as Kirin, is the second-largest city and former capital of Jilin province in northeast China. As of the 2020 census, 3,623,713 people resided within its administrative area of and 1,895,865 in its buil ...

, Jilin Province. as at 8 November 2016, the company was a constituent of SZSE 1000 Index (as well as sub-index SZSE 700 Index) but not in

SZSE Component Index The SZSE Component Index is an index of 500 stocks that are traded at the Shenzhen Stock Exchange (SZSE). It is the main stock market index of SZSE. Constituents The full list of all constituent stocks can be found aSZSE Related indices * ...

, making the company was ranked between the 501st to 1,000th by free float adjusted market capitalization.

Business overview

The company was a producer of energy meters, permanent magnetic AC contactor, moulded case

circuit breaker A circuit breaker is an electrical safety device designed to protect an electrical circuit from damage caused by an overcurrent or short circuit. Its basic function is to interrupt current flow to protect equipment and to prevent the risk ...

(MCCB), miniature circuit breaker (MCB) and high voltage

vacuum breaker A vacuum breaker is an attachment commonly placed on a bibcock valve or toilet or urinal flush valve, that prevents water from being siphoned backward into the public drinking water system. This prevents contamination should the public drinking wat ...

. However, the company was under reconstruction since 2015, seeking new area of investment. In September 2015 the company also announced that they would acquire a company that operates icardpay.com, an online payment system. However, the deal was terminated by the board of directors in June 2016. On 2 June 2016 the company announced an investment into a private equity fund for , which later revealed that the fund would acquire Italian football club

A.C. Milan Associazione Calcio Milan (), commonly referred to as AC Milan or simply Milan, is a professional football club in Milan, Italy, founded in 1899. The club has spent its entire history, with the exception of the 1980–81 and 1982–83 season ...

. The takeover bid was

€ The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists o ...

520 million. The fund: Sino-Europe Sports Investment Changxing Limited Partnership () would raise a maximum of to finance the bid. In November 2016 the company was renamed into Rongyu Group. At the same time the company acquired a company () for .

Ownership

In 2015 the largest shareholder of the company, former chairman Lu Yongxiang (), sold his 23.81% stake to a private equity fund (, ''literally'' Guangzhou Huiyin Rifeng Investment Partnership (Limited Partnership)) The deal was completed in 2016. A joint venture of

Ping An Insurance Ping An Insurance known also as Ping An of China (), full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries provide insurance, banking, asset management, financial, healthcare services. ...

and UOB Asset Management, Ping An – UOB Fund Management, was a

limited partner A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited p ...

of Guangzhou Huiyin Rifeng for 99.9996% stake. The

general partner General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the partnership's debts an ...

and the manager of the fund was Guangzhou Huiyin Aofeng (). The largest shareholder of the management company was the Government of Guangzhou City for 30.68% stake.

Subsidiaries

* (100%) * (100%) * (100%)

References

External links

* Technology companies of China Companies listed on the Shenzhen Stock Exchange Companies based in Jilin Chinese companies established in 1993 Civilian-run enterprises of China Chinese brands {{China-company-stub