Sharetronic Data Technology Co., Ltd. cancelled the acquisition of Xi'an Sihua Information Technology Co., Ltd. from Sihua Technologies Co., Ltd. and Shanghai Zhuoyue Business Consulting Partnership (Limited Partnership).
August 29, 2021
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Sharetronic Data Technology Co., Ltd. (SZSE:300857) signed an agreement to acquire Xi'an Sihua Information Technology Co., Ltd. from Sihua Technologies Co., Ltd. and Shanghai Zhuoyue Business Consulting Partnership (Limited Partnership) for CNY 360 million on March 16, 2021. Sharetronic Data Technology will issue shares and pay cash as consideration. Xi'an Sihua Information Technology Co., Ltd. the underlying asset is priced at CNY 360 million, of which CNY 190.8 million will be paid in shares and CNY 169.2 million will be paid in cash. From the total consideration, Sihua Technologies Co., Ltd shall get CNY 264 million for its 80% stake of which CNY 118.8 million in shares and CNY 145.2 million in cash. Similarly, Shanghai Zhuoyue Business Consulting shall get CNY 96 million for its 20% stake of which CNY 72 million in shares and CNY 24 million in cash. Issued shares have an issuance price of CNY 21.04 per share and will have a lock up period of 12 months. Sharetronic Data Technology Co., Ltd. intends to raise matching funds by issuing shares to no more than 35 specific targets including the actual controller Geng Sihua not exceeding CNY 190 million. Xi'an Sihua Information Technology reported total revenue of CNY 47.01 million, total assets of CNY 50.3 million, net profit of CNY 2.8 million and net assets of CNY 25.1 million for the year ending, December 31, 2020. The transaction is subject to approval by the shareholders of Sharetronic Data Technology, approval by the Shenzhen Stock Exchange and registered and approved by the China Securities Regulatory Commission. The transaction has been approved by the Board of Sharetronic Data Technology. On August 30, 2021, the 22nd session of Sharetronic Data Technology Co., Ltd. 2nd directorate and the 19th session of the company's 2nd supervisory board approved the proposal on the termination. Zhang Xingwang, Hong Kailun, Zhang Qi, Rui Di and Yu Lei of Tianfeng Securities Co., Ltd. (SHSE:601162) acting as a independent financial advisor to Sharetronic Data Technology Co., Ltd. for the transaction. Zhang Jiong, Wang Liguo and Wang Cuiping of Shu Jin Law Firm acted as a legal advisor and Lin Baoming, Xu Jihong and Ou Weijie of Fujian Huaxing Certified Public Accountants Co., Ltd as an accountant to Sharetronic Data Technology for the transaction.
Sharetronic Data Technology Co., Ltd. (SZSE:300857) cancelled the acquisition of Xi'an Sihua Information Technology Co., Ltd. from Sihua Technologies Co., Ltd. and Shanghai Zhuoyue Business Consulting Partnership (Limited Partnership) on August 30, 2021.
Sharetronic Data Technology Co Ltd is a China-based company mainly engaged in the research, development, production and sales of products such as intelligent terminals and data storage devices in the field of consumer electronics. The Company mainly provides customers with smart terminal products and data storage devices related to video capture (encoding), access (transmission) and display (decoding) in the modes of joint design manufacture (JDM) and original design manufacturer (ODM). Its products include smart cameras, car networking smart terminals, smart Netcom gateways, other smart terminals and data storage devices, such as card-type smart cameras, smart driving recorders, smart routers, smart speakers, solid state drives, mechanical hard drives and other storage devices. The Company operates its businesses within the domestic market and to overseas markets.
Sharetronic Data Technology Co., Ltd. cancelled the acquisition of Xi'an Sihua Information Technology Co., Ltd. from Sihua Technologies Co., Ltd. and Shanghai Zhuoyue Business Consulting Partnership (Limited Partnership).