Luxshare Precision acquires 50.1% stake in Leoni Group and takes over the automotive wiring harness business unit

On September 17, 2024, Stefan Pierer, an Austrian entrepreneur and major shareholder of Leoni Group, a well-known German automotive wiring harness manufacturer, and Ms. Wang Laichun (Grace), Chairman of Luxshare Precision of China, signed an equity sale agreement in Nuremberg. According to the agreement, Luxshare Precision will acquire 50.1% of the shares of Leoni Group and hold 100% of Leoni's automotive wiring harness division. The total price of the transaction is approximately 525 million euros, or approximately RMB 4.1 billion. If completed, this will triple Luxshare Precision's revenue from automotive Internet products and precision components to approximately 13% of revenue.