TUS International further acquires shares in Suzhou Zhihua to strengthen autonomous driving business
TUS International Limited (“TUS International” or the “Company”, stock code: 872.HK, together with its subsidiaries, the “TUS International Group” or the “Group”) announced on 20th March 2018 that the Company has succeeded in the bidding conducted by the Assets and Equity Exchange and entered into the equity transfer agreement with Suzhou Huaye Automobile Technology Development Company Limited, in order to further acquire shares in Suzhou Zhihua Automobile Electronics Co., Ltd. (“Suzhou Zhihua”) which has already been a subsidiary of the Company. Upon completion of the acquisition together with full exercise of the option, the Company shall hold 48.14% equity interests in Suzhou Zhihua which shall strengthen the autonomous driving business of the Group.
As China’s leading tier one provider of ADAS solutions and a provider of city-level autonomous driving cloud control solutions, the Group is dedicated to developing autonomous driving systems based on highly integrated multi-sensors and deep learning artificial intelligence. As Suzhou Zhihua, which is our subsidiary, has abundant reserves in artificial intelligence algorithm, it is one of the Group's key business strategies to develop autonomous driving solutions, which is based on deep fusion of sensors, via Suzhou Zhihua as the major platform, and it is also believed that further acquisition of shares in Suzhou Zhihua shall strengthen the Group’s autonomous driving business.
The business performance of Suzhou Zhihua is satisfactory and its growth potential is considerable. It has high-quality and diverse customer base covering domestic original brand and the large Chinese OEMs, and also covering their key and best-selling models. Based on product quality at affordable prices, the shipment volume and penetration rate of related products of the Suzhou Zhihua Group in China have been continuously and significantly increasing, and it will also bring strong income to the Group.