AVIC Electromechanical Systems

AVIC Electromechanical Systems intends to raise gross proceeds of CNY2.1 billion ($306.68 million) through the issue of convertible bonds on the Shenzhen Stock Exchange, maturing in August 2024.

AVIC Electromechanical Systems Co., Ltd. agreed to acquire Xinxiang Aviation Industry (Group) Co., Ltd. from AVIC Electromechanical Systems, Inc. for approximately CNY 700 million. The transaction was approved by the board and shareholders.

Magna International has entered into a joint venture agreement with Hubei Aviation Precision Machinery Co., Ltd. (HAPM) to expand seating capabilities in China and Asia. The deal is subject to regulatory approval and expected to close in Q4 2017.