A sharp drop of 1.03 million yuan! Why is International Composites selling off its subsidiary's equity?
Recently, Chongqing International Composite Materials Co., Ltd. (hereinafter referred to as International Composite Materials) has listed three times for the transfer of a 51% stake in Jilin Guobo Automotive Composite Materials Co., Ltd. (hereinafter referred to as Jilin Guobo). The listing price is 3.1539 million yuan, and the application deadline is August 20, 2025.
According to earlier information, Jilin Guobo's first listing price was 4.1891 million yuan, with the application period from August 6, 2024 to September 2, 2024; the second listing price was 3.8121 million yuan, with the application period from September 26, 2024 to October 28, 2024.
After failing to sell the shares successfully twice, International Composite Materials is now offering a massive price reduction! Compared to the first offer, the price has dropped by a full 1.03 million yuan.
After almost a year of unsold shares, Jilin Guobo is now offering them at a significant price reduction. What is going on?
According to public information, Jilin Guobo was established on November 28, 2017. Its legal representative is Liu Weiting, with registered capital of 20 million yuan. Its business scope includes manufacturing and selling glass fiber and its products, and researching and developing new materials technologies.
According to an insider, Jilin Guobo also produces specialized glass fiber for mufflers.
In November 2017, International Composites, Changchun Fudi Equipment Technology Development Co., Ltd., and Shanghai Guobo Auto Parts Co., Ltd. jointly invested in the establishment of Jilin Guobo. International Composites invested 4.5 million yuan, holding a 45% stake; Changchun Fudi Equipment Technology Development Co., Ltd. invested 4.5 million yuan, holding a 45% stake; and Shanghai Guobo Auto Parts Co., Ltd. invested 1 million yuan, holding a 10% stake.
In December 2017, International Composites and Shanghai Guobo Auto Parts Co., Ltd. signed a "Concerted Action Agreement," stipulating that all parties would express the same intention when exercising their voting rights in shareholder meeting resolutions, and that Shanghai Guobo Auto Parts Co., Ltd. would vote in accordance with International Composites' intentions in shareholder meeting resolutions.
In October 2019, Shanghai Guobo Auto Parts Co., Ltd. transferred its 6% stake in Jilin Guobo to International Composites. Following the equity transfer, International Composites held a 51% stake in Jilin Guobo.
In 2024 and the first half of 2025, Jilin Guobo's revenue was RMB 28.8599 million and RMB 13.8583 million, respectively, with net losses of RMB 73,600 and RMB 2,023,500, respectively. As of the end of June 2025, its total assets were RMB 26.0805 million and its total liabilities were RMB 19.0785 million.