Shenzhen Yitoa Intelligent Control Co.,Ltd. entered into a cooperation agreement to acquire 20% stake in Shanghai Core-stone Semiconductor Co., Ltd. from Beijing Jitai Keyuan Technology Co., Ltd.
November 15, 2020
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Shenzhen Yitoa Intelligent Control Co.,Ltd. (SZSE:300131) entered into a cooperation agreement to acquire 20% stake in Shanghai Core-stone Semiconductor Co., Ltd. from Beijing Jitai Keyuan Technology Co., Ltd. on March 3, 2020. Under the terms, of cooperation agreement, Shenzhen Yitoa Intelligent Control shall acquire 10% to 20% of Shanghai Core-stone’s equity within 30 days from the date of completion of the equity acquisition of Yitoa Micro Technology Corporation. Since the completion of the acquisition of Yitoa Micro Technology Corporation, Shenzhen Yitoa Intelligent Control and Shanghai Core-stone’s controlling shareholder Beijing Jitai Keyuan Technology Co., Ltd., Jitai Keyuan’s shareholders and the original "cooperation agreement" signatories have been negotiating on the upgrade of the original 10% to 20% stake in Shanghai Core-stone to a plan to acquire a majority stake and achieve a controlling stake. As on November 16, 2020, all parties have reached preliminary opinion on the holding plan and signed the Supplementary Agreement on the Cooperation Agreement. Based on the Supplementary Agreement, Shenzhen Yitoa Intelligent Control intends to obtain 40% equity in the target company through equity transfer or capital increase subject to final agreement and the the parties agreed that the transaction implementation period will be changed to 90 days after the Yitoa Micro Technology Corporation acquisition delivery date and within this period, the parties will determine the final transaction plan and sign a formal transaction agreement after full communication and negotiation. In the 28th meeting of the fourth Board of Directors of Shenzhen Yitoa Intelligent Control reviewed and approved this agreement on March 3, 2020.
Shenzhen Yitoa Intelligent Control Co.,LTD is a China-based company principally engaged in the research, development, production and distribution of electronic components and intelligent control products. The Companyâs products are categorized into electronic components, living appliances intelligent control products, temperature detection intelligent control products and products of the Internet of things, which include relays, connectors, transistors, modules, integrated circuits, resistors, batteries, magnetic beads, diodes, crystal oscillators, hair pliers electronic intelligent controllers, coffee pot electronic intelligent controllers, hair dryer electronic intelligent controllers and wall furnace intelligent controllers, among others. The Company distributes its products in domestic market and to overseas markets.
Shenzhen Yitoa Intelligent Control Co.,Ltd. entered into a cooperation agreement to acquire 20% stake in Shanghai Core-stone Semiconductor Co., Ltd. from Beijing Jitai Keyuan Technology Co., Ltd.