Pony Testing Co., Ltd. (SZSE:300887) agreed to acquire 70% interest in Shenzhen TCT Testing Technology Co from Tang Haisen for CNY 49 million on March 15, 2022. As per the terms, 70% of total consideration paid: RMB 9.8 million shall be paid within 5 working days after the formal Equity Transfer Agreement is signed. 24.5 million equity transfer payment will be paid within 5 working days after the industrial and commercial change. The second phase of consideration: 10% of the total equity consideration will be paid after the Shenzhen TCT Testing Technology issues the 2022 audit report and meets the 2022 performance assessment standards. The third phase of consideration: 10% of the total equity consideration will be paid after the Shenzhen TCT Testing Technology issues the 2023 audit report and meets the 2023 performance assessment standards. The fourth phase of consideration: 10% of the total equity consideration will be paid after the Shenzhen TCT Testing Technology issues the 2024 audit report and meets the 2024 performance assessment standards. Pony Testing Co., Ltd. will use its own funds to finance the deal. As on December 31, 2022, Shenzhen TCT Testing reported total assets of CNY 72.53 million, net assets of CNY 16.78 million, revenues of 67.35 million and net income of CNY 6.99 million. The transaction has been approved by the board of Pony Testing Co., Ltd.

Pony Testing Co., Ltd. (SZSE:300887) completed the acquisition of a 70% stake in Shenzhen TCT Testing Technology Co from Tang Haisen on April 25, 2022.