Chinese electronics maker Sichuan Changhong Electric has published a report stating that IBM (IBM) China has acquired a 1.56% stake in Sichuan Changhong for CNY108 million.

Sichuan Changhong sold its 29,670,300 unlimited outstanding shares to IBM China on the Shanghai Stock Exchange at a price of CNY3.64 per share. IBM paid about CNY108 million for this transaction and thus became the second largest shareholder of the Chinese electronics maker with a 1.56% stake.

The largest shareholder of Sichuan Changhong is Changhong Group, which owns a 29.08% stake and the former second largest shareholder of the company is an unnamed investment firm, which holds a 0.58% stake.

In regards to the reasons for introducing IBM as a stakeholder, Changhong Group says that the main goal is to further optimize the ownership structure of the listed company and to introduce a strategic investor to the company.