Zhejiang Wanliyang to Absorb Subsidiary Zhejiang Wanliyang Intelligent Transmission
Zhejiang Wanliyang (SHE:002434) plans to absorb and merge with its wholly owned subsidiary, Zhejiang Wanliyang Intelligent Transmission, according to a Shenzhen bourse filing on Wednesday.Upon completion, Zhejiang Wanliyang Intelligent Transmission's legal entity status will be canceled, with all its business operations, assets, claims, debts, and other rights and obligations assumed by Zhejiang Wanliyang, the filing said.The merger does not constitute a related-party transaction or major asset restructuring and does not require shareholder approval, it said.Shares of the Chinese auto transmission systems manufacturer fell over 2% in recent trade.