United Science and Technology Co., Ltd. cancelled the acquisition of the remaining 9% stake in Zhejiang Wangxin Intelligent Technology Co., Ltd. from Hangzhou Hangshang Gem Venture Capital Partnership (Limited Partnership).
January 11, 2017
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United Science and Technology Co., Ltd. (SZSE:000925) agreed to acquire remaining 9% stake in Zhejiang Wangxin Intelligent Technology Co., Ltd. from Hangzhou Hangshang Gem Venture Capital Partnership (Limited Partnership) for CNY 41.5 million in cash on January 12, 2016. In a related transaction, United Science and Technology Co., Ltd. agreed to acquire remaining 25% stake in Zhejiang Zhejiang Wangxin Zhongkong Information Technology Co., Ltd. from Hangzhou Hangshang Gem Venture Capital Partnership (Limited Partnership) for CNY 54.7 million in cash on January 12, 2016. Zhejiang Wangxin Intelligent Technology reported total assets of CNY 36.8 million, net assets of CNY 35.86 million, revenue of CNY 9.64 million, operating profit of CNY 2.6 million and net profit of CNY 2.6 million as of December 31, 2014. The deal has been approved by the Board of Directors of United Science and Technology and does not need the shareholders’ approval.
United Science and Technology Co., Ltd. (SZSE:000925) cancelled the acquisition of the remaining 9% stake in Zhejiang Wangxin Intelligent Technology Co., Ltd. from Hangzhou Hangshang Gem Venture Capital Partnership (Limited Partnership) on January 12, 2017.
UniTTEC Co Ltd, formerly United Mechanical and Electrical Co Ltd, is a China-based company principally engaged in rail transit and energy saving and environmental protection businesses. Its rail transit business mainly includes rail traffic signaling system and automated fare collection system. Its energy saving and environmental protection business include flue gas desulfurization, wastewater treatment and semiconductor business. The Company operates its business within domestic market and to overseas markets.
United Science and Technology Co., Ltd. cancelled the acquisition of the remaining 9% stake in Zhejiang Wangxin Intelligent Technology Co., Ltd. from Hangzhou Hangshang Gem Venture Capital Partnership (Limited Partnership).
UNITTEC CO.,LTD 
