Greenland Acquisition Corporation Announces Signing of Agreement to Acquire Zhongchai Holding (Hong Kong) Limited

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[{"type":"text","content":"BEIJING and HANGZHOU, China, July 12, 2019 /PRNewswire/ -- Greenland Acquisition Corporation (the \"Company\" or \"Greenland\") (NASDAQ: GLAC), a blank check company formed for the purpose of acquiring one or more businesses or entities, announced today that it has signed a definitive share exchange agreement with Zhongchai Holding (Hong Kong) Limited (\"Zhongchai Holding\"), a leading developer and manufacturer of transmission products for material handling machineries in China. In addition, Zhongchai Holding has developed robotic cargo carriers, which it plans to produce and sell in the near future. Upon closing, Zhongchai Holding will become a wholly-owned subsidiary of Greenland, and Zhongchai Holding's majority owned subsidiaries will become the operating entities of the Company. In addition, the Company will change its name to Greenland Technologies Holding Corporation.\nZhongchai Holding's transmission products are key components for forklift trucks used in manufacturing and logistic applications. Zhongchai Holding's revenues increased from approximately $49.1 million in 2017 to approximately $60.2 million in 2018 and its net income increased to approximately $6.6 million in 2018 from a net loss of approximately $3.3 million in 2017. Following the closing, Zhongchai Holding's key executives are expected to remain as key executives of the combined company and continue to drive business growth.\nYanming Liu, Chairman and Chief Executive Officer of Greenland said, \"On behalf of Greenland and our sponsor, Greenland Asset Management Corporation, we are extremely excited about the acquisition of Zhongchai Holding. Zhongchai Holding is a leading developer and manufacturer of transmission products for material handling machineries in China and had substantial revenue with a track record of strong organic growth. Mr. Peter Zuguang Wang and his team have many years of experience in the transportation industry. Zhongchai Holding is well-positioned for future growth, particularly with respect to the robotic product that Zhongchai Holding developed and expects to begin manufacturing and selling in the near future. With their experience and insights, we believe Zhongchai Holding has the potential to generate long-term value to Greenland's shareholders. We are thrilled to be part of the next stage in this company's life cycle and look ...

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