Newrace, a company incorporated in the British Virgin Islands and wholly owned by Zenix Chairman Jianhui Lai, completed the merger with China Zenix Auto, a commercial vehicle wheel manufacturer, in a $56m deal. Under the terms of the merger agreement, which was approved by the company's shareholders at a general meeting held on january 21, 2022, each of the company's ordinary shares issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive $0.27 in cash per share without interest, and each of the company's american depositary shares, each representing four shares issued and outstanding immediately prior to the effective time of the merger, has been cancelled and ceased to exist in exchange for the right to receive us$1.08 in cash per ads without interest.