mk chairman of Shandong Energy Group, rings the bell to inaugurate Scharf AG's trading on the Frankfurt Stock Exchange on September 24, 2024. Chinese Shandong Energy Group's subsidiary Yankuang Energy on September 19 completed the acquisition of a 52.66 percent stake in German Scharf AG for a payment of 32.17 million euros ($35.89 million). Photo: Courtesy of Yankuang Energy " src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-09-22/da54671a-912c-4195-a19a-5dcee8cd874f.jpeg" />

Li Wei (fourth from right), chairman of Shandong Energy Group, rings the bell to inaugurate Scharf AG's trading on the Frankfurt Stock Exchange on September 24, 2024. Chinese Shandong Energy Group's subsidiary Yankuang Energy on September 19 completed the acquisition of a 52.66 percent stake in German Scharf AG for a payment of 32.17 million euros ($35.89 million). Photo: Courtesy of Yankuang Energy

German listed mining and tunneling equipment manufacturer SMT Scharf AG (Scharf AG) on Tuesday completed its listing board transfer to the Frankfurt Stock Exchange following its acquisition by the Chinese Yankuang Energy Group Co (Yankuang Energy). 

The deal will help improve Yankuang Energy's influence and competitiveness in the global capital market, and it will also expand Scharf AG's financing channels by enhancing the liquidity of its shares, said a statement sent by Yankuang Energy to the Global Times. 

After the listing board transfer, Scharf AG's stock will be traded on the Frankfurt Stock Exchange as well as the m:access trading segment of the Munich Stock Exchange. Yankuang Energy and its subsidiaries will be listed on six global stock exchanges - Shanghai, Hong Kong, New York, Australia, Munich and Frankfurt. 

Yankuang Energy announced on Thursday that it had completed the transaction to acquire a 52.66 percent stake in Scharf AG for a payment of 32.17 million euros ($35.89 million). The acquired stake has been transferred to Yankuang Energy, and personnel recommended by Yankuang Energy have become members of the supervisory board of Scharf AG.

Scharf AG is primarily engaged in the manufacturing of transportation and infrastructure equipment for underground mining and tunnel construction sites. Its products have been sold in China, Poland, South Africa, the US and Germany. 

About 34 percent of installed monorail systems worldwide were produced by the company. In addition, the company's sales in Chinese market accounts for 40 percent of its global revenue, said the statement from Yankuang Energy.

Yankuang Energy said that it will have its own underground mining equipment industrial chain thanks to the acquisition, further reducing the company's equipment purchasing costs and accelerating its intelligent manufacturing upgrade.