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Weichai Power - Stock, IPO & History  


onlyamiga
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Name: Weichai Power
Foundation: 1953
Headquarters: Weifan, Shandong, China
Shares available for purchase: Yes
Is often mentioned in context: Kion, Linde Hydraulics, Ballard Power Systems, VDS Group, Aradex

Products:
Engines, Commercial vehicles, automotive electronics

History:
The Weichai Diesel Engine Factory, from which Weichai Power emerged, was already founded in 1953. Originally Weichai Diesel produced engines according to the model of Steyr Daimler Puch. In Germany, the Chinese company became known by taking over 45% of the shares of the forklift truck company Kion. Weichai also owns 70 % of Linde Hydraulics. In 2018, 19.9 percent of the fuel cell manufacturer Ballard Power Systems. Based on this cooperation, Weichai plans to serve the Chinese market with fuel cells for commercial vehicles.

More recent history:
In February 2020 it became known that Weichai has secured a 51% share in the VDS Group from Upper Austria. VDS develops continuously variable transmissions. | Link

At the same time Weichai acquired 80% of the German electric motor manufacturer Aradex. | Link

Weichai Power ranks 20th in the list of the largest automotive suppliers worldwide | Link

Recovery for Kion and Weichai Power through online trading - incoming orders rising again | 06/2020 - Link

China is setting up a billion-euro program to promote fuel cells and hydrogen. Could Weichai-Power benefit from this? | 10/2020 - Link

In cooperation with Bosch, Weichai improves the efficiency of diesel trucks by 45-50%. | 10/2020 - Link

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onlyamiga
Posts: 101
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Topic starter
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Capital increase at Kion: Weichai Power subscribes for further shares with KWM Europe

Forklift manufacturer Kion has completed its capital increase, raising €813 million. The money is said to strengthen the balance sheet and support the 'Kion 2027' strategy. However, it will also be used to cancel the multi-billion credit line that Kion secured from KfW and other banks in May due to the burdens of the Corona pandemic.

The Corona loan runs until May 2021. KfW provided EUR 800 million of the loan, which can be terminated early, and the company's banks provided EUR 200 million. Kion had already issued a bond for 500 million euros in the fall to repay the loan obligations. The unsecured bond carried an interest rate of around 1.6 percent. Now the capital increase followed with the help of BNP Paribas, Commerzbank, Goldman Sachs and UniCredit.

A good 13.1 million new shares had now been issued in the capital increase, corresponding to around eleven percent of the share capital. The new shares were offered to shareholders at a subscription price of 62 euros per share. 95.8 percent of the subscription rights were exercised. The Chinese anchor shareholder Weichai Power Holding exercised all its rights and thus continues to hold 45.2 percent of the shares.

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