Fujian Raynen Technology Co., Ltd. cancelled the acquisition of 35% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. from Changxing Super Control Technology Consulting Partnership (Limited Partnership).
May 07, 2020
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Fujian Raynen Technology Co., Ltd. (SHSE:603933) signed a letter of Intent for equity transfer to acquire 35% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. from Changxing Super Control Technology Consulting Partnership (Limited Partnership) for CNY 17.5 million on May 8, 2019. As on August 26, 2019, Fujian Raynen Technology Co., Ltd. signed an equity transfer agreement to acquire 35% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. from Changxing Super Control Technology Consulting Partnership (Limited Partnership). Upon completion, Fujian Raynen Technology Co., Ltd. will hold 35% stake and Changxing Super Control Technology Consulting Partnership (Limited Partnership) will hold 52% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. The transaction will be funded by own funds of Fujian Raynen Technology Co., Ltd. For the year ended December 31, 2018, Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. had total assets of CNY 51.7 million, net assets of CNY 22.6 million, revenue of CNY 44.9 million and net income of CNY 3.6 million. The transaction has been approved by Board of Fujian Raynen Technology Co., Ltd. Beijing Zhongqihua Assets Appraisal Co., Ltd. acted as valuer in the transaction.
Fujian Raynen Technology Co., Ltd. (SHSE:603933) cancelled the acquisition of 35% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. from Changxing Super Control Technology Consulting Partnership (Limited Partnership) on May 8, 2020.
FUJIAN RAYNEN TECHNOLOGY CO., LTD. is a China-based company principally involved in the research, development, manufacture and sales of computerized control system for knitting machines, as well as the distribution of integrated circuit (IC) products. The Company operates through two main segments. The Manufacture segment is mainly engaged in the research, development, manufacture and sales of computerized control system for knitting machines, as well as the manufacture of development tools and evaluation boards for IC products and high - pressure gas discharge lamp electronic ballast, among others. The Distribution segment is primarily engaged in the distribution of integrated circuit chips, other electronic components and industrial electrical automation products.
Fujian Raynen Technology Co., Ltd. cancelled the acquisition of 35% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. from Changxing Super Control Technology Consulting Partnership (Limited Partnership).
FUJIAN RAYNEN TECHNOLOGY CO., LTD. 
