Beijing Dahao Technology Corp.,Ltd terminated the acquisition of Beijing Yiqing Asset Management Co., Ltd from Beijing Yiqing Holding Co., Ltd.
March 16, 2023
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Beijing Dahao Technology Corp.,Ltd (SHSE:603025) agreed to acquire Beijing Yiqing Asset Management Co., Ltd from Beijing Yiqing Holding Co., Ltd for CNY 12.2 billion on December 7, 2020. As per terms of transaction, Beijing Dahao Technology Corp.,Ltd will issue 1,399,779,277 shares. Beijing Dahao Technology Corp.,Ltd will issue its RMB A-share ordinary shares at CNY 7.24 per share to support the consideration. In related transaction, Beijing Dahao Technology Corp.,Ltd agreed to acquire 45% stake in Beijing Red Star Co. Ltd. from Beijing Jingtai Investment Management Center on December 7, 2020. Post completion, Beijing Dahao Technology Corp.,Ltd will hold 100% of the shares of Yiqing Asset.
As on September 30, 2020, Beijing Yiqing Asset Management had reported total assets of CNY 7.4 billion and total common equity of CNY 4.6 billion and for year ended December 31, 2019, it had total revenue and net profit as CNY 5.4 billion and CNY 907 million. The transaction is subject to approval from State-owned Assets Supervision and Administration Department, Beijing Dahao Technology Corp.,Ltd shareholders' approval; Anti-Monopoly Bureau of the State Administration for Market Regulation and China Securities Regulatory Commission. Transaction has been approved by the Board of Beijing Dahao Technology Corp.,Ltd and Beijing Yiqing Holding Co., Ltd. As of June 25, 2021, Beijing Dahao Technology received the approval from the State-owned Assets Supervision and Administration Commission of the Beijing Municipal People's Government on the acquisition. As on June 5, 2021, the transaction has been approved in the 4th (Extraordinary) Meeting of the Beijing Dahao Technology Corp., Ltd.'s 4th Directorate. Li Xiaoyan, Zhang Lin of CSC Financial Co., Ltd. (SEHK:6066) acted as financial advisor, He Peng, Pang Yang of Tian Yuan Law Firm acted as legal advisor and Han Xueyan, Zhao Man of Wuyige Certified Public Accountants LLP acted as accountant to Beijing Dahao Technology Corp.,Ltd.
Beijing Dahao Technology Corp.,Ltd (SHSE:603025) terminated the acquisition of Beijing Yiqing Asset Management Co., Ltd from Beijing Yiqing Holding Co., Ltd on March 17, 2023.
BEIJING DAHAO TECHNOLOGY CORP.,LTD is a China-based company principally engaged in the research and development, manufacture and sales of computerized control systems for sewing and knitting machines. The Company manufactures and sells the core components of sewing and knitting machines, which includes the embroidery machine control systems, the sewing machine control systems and the flat-knitting machine control systems. The Company mainly operates its business in East China, South China, Central China and North China.