Shanghai Jinshan SASAC has increased its holding stake in Shanghai Phoenix Bicycle Company

photo©Qicycling Phoenix Road Bike

Shanghai Phoenix announced that the company’s controlling shareholder Shanghai Jinshan SASAC has increased its shareholding in the company.

The Jinshan SASAC has added 3,051,301 A-shares of Shanghai Phoenix Co., Ltd., and plans to continue holdings of more than 1 million shares and no more than 4 million shares of Phoenix.

As of March 20, 2018, Jinshan SASAC, through the trading system of the Shanghai Stock Exchange, has accumulatively increased the holding of 314.86 million shares of Phoenix A, which accounted for 0.7828% of the total share capital of Phoenix, and accumulatively increased holdings of 57,571,100 yuan. At present, Jinshan SASAC holds 117,354,739 shares of Phoenix, accounting for 29.18783% of the total share capital of the company.

Phoenix said that this increase in holdings is based on Jinshan SASAC’s confidence in the continued development of Phoenix and its recognition of the company’s value. Meanwhile, Jinshan SASAC promised to increase its holdings within the statutory period without reducing its holdings.

Phoenix Bicycle is a national bicycle brand of China’s national treasure. Its products were once presented to foreign governments as a gift of the Chinese government, but Phoenix Bicycles currently produce cheap bicycles.