An exhibition hall of Wuxi Weifu High-Technology Group. [Photo/wxrb.com]
Wuxi-based enterprises carried out 21 overseas merger and acquisition projects in 2021, an increase of 50 percent year-on-year, the local commerce bureau reported on March 14.
More and more local enterprises are using their capital advantages to directly purchase technology and accelerate their international expansion through cross-border M&A, according to officials from the bureau.
Wuxi Weifu High-Technology Group, China's leading provider of diesel-injection systems, said it planned to spend about EUR 60 million ($66.21 million) acquiring VHIT and its subsidiary Ewo Automotive Systems (Wuxi) Co.
Wuxi Weifu High-Technology Group has previously carried out M&A operations with IRD in Denmark and Borit in Belgium to develop key technical capabilities in the core components of the hydrogen fuel cell stack.
Statistics show that 97 foreign investment projects were registered in Wuxi last year, with contracted domestic investment of $1.39 billion, ranking second in the province. Among them, contracted domestic investment in cross-border M&A was valued at $530 million.
Maxhealth Medical Group acquired Rex's rehabilitation robot project, including its technology, intellectual property and all assets, to establish Wuxi Maxhealth Mei'an Rex Medical Robot Co as the company's new headquarters.
Jiang Nan, overseas project manager of Maxhealth Medical Group, said overseas M&A projects can help promote the iterative development of rehabilitation robot technology, carry out localization transfers and reduces costs.
