Shenzhen Mason Technologies Co., Ltd. cancelled the acquisition of 51% stake in Nanjing Langhui Optoelectronics Technology Co., Ltd. from Jiangsu Zhongjingrong Enterprise Management Co., Ltd.
October 16, 2019
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Shenzhen Mason Technologies Co., Ltd. (SZSE:002654) signed a framework agreement to acquire 51% stake in Nanjing Langhui Optoelectronics Technology Co., Ltd. from Jiangsu Zhongjingrong Enterprise Management Co., Ltd. for approximately CNY 260 million on March 14, 2018. Shenzhen Mason Technologies Co., Ltd. will pay the consideration in cash. The final transaction price will be discussed and set after completion of the relevant asset assessment report. 20% of the transactional price will be paid within 10 days since the signing of the relevant formal agreement and the payment of extant 80% will be done within 90 working days since completion of delivery of the underlying equity. Prior to the transaction, Jiangsu Zhongjingrong Enterprise Management Co., Ltd. holds 69.53% stake in Nanjing Langhui Optoelectronics Technology Co., Ltd. The Board of Directors of Shenzhen Mason Technologies Co., Ltd. approved the transaction on March 14, 2018. Delivery of underlying equity will be completed within 90 days since completion of payment. Once that operation is completed, Jiangsu Zhongjingrong Enterprise Management Co., Ltd. must utilize between 51% and 60% of the payment to purchase shares of Shenzhen Mason Technologies Co., Ltd. on the secondary market.
Shenzhen Mason Technologies Co., Ltd. (SZSE:002654) cancelled the acquisition of 51% stake in Nanjing Langhui Optoelectronics Technology Co., Ltd. from Jiangsu Zhongjingrong Enterprise Management Co., Ltd. on October 17, 2019.
Shenzhen Mason Technologies Co.,Ltd. is a China-based company principally engaged in the supply of light-emitting diode (LED) light source devices and lighting products. The Company is primarily engaged in the research and development, design, production and sale of high-end LED light source devices and LED lighting products. The Company's products are categorized into LED light source components and LED lightings. The Company also provides infrared receivers. The Company distributes its products in domestic market and to overseas market.