Early 2012, CEA was entrusted to undertake the assets appraisal business in regards to Liaoyuan Joyson Electronics’ major asset reorganization. The company on the center of reorganization is an old, well-known European automotive electronics supplier - Germany Preh GmbH - whose assets are spread in six countries on three continents. It is mainly engaged in research and production of driver control & vehicle sensor systems and controller and assembly systems for the automobile companies, its clients include the world’s most famous mainstream car manufacturers, and its representative products includes the Audi MMI system and BMW IDRIVE system. The target is headquartered in Germany; in addition, it globally has six production branches and sales bases located in Portugal, Romania, the United States and Mexico, and 2 management and investment companies in Germany.

CEA elaborately established a project team which has extensive experiences and strong competencies. The team conducted investigations to the Preh’s German headquarters, as well as Preh’s subsidiaries in Portugal, Romania, the United States, Mexico and China, and evaluated relevant procedures. It carefully analyzed the characteristics of the underlying assets and business characteristics of the target company, assessed technical difficulties, policy differences, and language and cultural differences. Through due diligence and upholding good faith and rigorous, professional and collaborative work style, the team had successful completed the asset evaluation project with high quality. The formal evaluation report was issued in May 2012, and was unconditionally approved by the Mergers and Acquisitions Committee for Listed Companies of China Securities Regulatory Commission.