January 24, 2014, Zhongshan Broad-Ocean Motor Co., Ltd. (“Broad-Ocean Motor”, stock code: 002249) successfully closed its acquisition of 52% stake of Prestolite Electric (Beijing) Limited (“PEBL”) from(“PECH”) for USD 130 million.

PEBL is a joint venture enterprise established through PECH by Prestolite Electric Incorporated. Established in 1911, Prestolite Electric Incorporated. is now one of the top three vehicle heavy-duty electrical suppliers. PEBL ranked the first in the domestic commercial vehicle dynamo market with 75% market share.

As a famous micro motor manufacturer in China, Broad-Ocean has gotten into  new energy automotive industry since 2009. By taking advantage of this acquisition, it will be further involoved in the automotive motor and develop its business in the field of commercial vehicle dynamo, starting motor and new energy automotive components.

Jingtian & Gongcheng acted as Broad-Ocean’s PRC legal counsel.