Suzhou Cheersson Precision Metal Forming Co., Ltd. agreed to acquire 51% stake in Hongkong Dayan International Company Limited from Zhejiang Dayan Import & Export Co., Ltd. for approximately CNY 330 million.
April 13, 2023
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Suzhou Cheersson Precision Metal Forming Co., Ltd. (SZSE:002976) agreed to acquire 51% stake in Hongkong Dayan International Company Limited from Zhejiang Dayan Import & Export Co., Ltd. for approximately CNY 250 million on March 10, 2023. Suzhou Cheersson Precision Metal Forming Co., Ltd. (SZSE:002976) agreed to acquire 51% stake in Hongkong Dayan International Company Limited from Zhejiang Dayan Import & Export Co., Ltd. for approximately CNY 230 million in cash on August 31, 2023. Suzhou Cheersson Precision Metal Forming will pay 50% in cash and 50% in new shares, wherein, 100% of the new shares, 7,536,666 shares at CNY 22.50 per share will be paid to acquire Hongkong Dayan International Company 34% stake, 50% of the cash will be to acquire Hongkong Dayan International Company Limited?s 17% stake. Cash considerations of the acquisition160.74 million. Hongkong Dayan International reported total assets of CNY 210.46 million and net assets of CNY 26.52 million on October 31, 2022. The transaction is approved by Sellers? Internal Decision-Making Institutions, Suzhou Hanming Investment Management Co., Ltd.?s Shareholders Meeting and The of the 24th and 27th Meetings of the Company?s 2nd Directorate. The transaction is still subject to obtain approvals from Suzhou Cheersson Precision Metal Forming(Company?) Shareholders, Shenzhen Stock Exchange?s Approval, CSRC?s Approval, and other necessary approvals.
Jiang Min, Zhang Xiaorong, Chen Xin, Yang Jun, Yan Jiahao of Yongxing Securities Co., Ltd. acted as independent financial advisor to Suzhou Cheersson Precision Metal Forming. Sun Lin, Wang Gaoping, Xu Yijia of AllBright Law Offices acted as legal advisor to Suzhou Cheersson Precision Metal Forming. Wang Yushou, Ni Shiming, Shi Yiran, Cai Tianchen, Wan Yalan of RSM China Certified Public Accountants Co., Ltd. acted as accountant to Suzhou Cheersson Precision Metal Forming.
Suzhou Cheersson Precision Metal Forming Co., Ltd. is a China-based company mainly engaged in precision metal parts business. The Company's main business is the research, development, manufacturing and sales of precision metal parts and corresponding molds in the mobile communications, automotive, power and electrical industries. Its main products include resonators, low-pass, cover plates and other mobile communication parts made through precision stamping, cold heading, machining and other processes; automotive components such as airbag holders, multimedia brackets, solenoid valves, oil seal frames, bolts, rivets, etc.; switch components, crimp nuts, crimp screws, nut posts, and other electrical and electrical components, as well as corresponding mold products. The Company distributes its products within domestic market and to overseas markets.
Suzhou Cheersson Precision Metal Forming Co., Ltd. agreed to acquire 51% stake in Hongkong Dayan International Company Limited from Zhejiang Dayan Import & Export Co., Ltd. for approximately CNY 330 million.