WISCOM System Co., Ltd. agreed to acquire the remaining 35% stake in Beijing Qianhua Technology Development Co., Ltd. from Chen Chen, Wang Junliang, Yang Zhiyong, Jia Lichao and Wang Shupeng for CNY 61.8 million.
January 19, 2017
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WISCOM System Co., Ltd. (SZSE:002090) agreed to acquire the remaining 35% stake in Beijing Qianhua Technology Development Co., Ltd. from Chen Chen, Wang Junliang, Yang Zhiyong, Jia Lichao and Wang Shupeng for CNY 61.8 million on January 19, 2017. Under the terms, WISCOM System Co., Ltd. will acquire 17.5 million shares, representing 35% stake in Beijing Qianhua Technology Development Co., Ltd. After completion of the transaction, WISCOM System Co., Ltd. will hold 100% stake in Beijing Qianhua Technology Development Co., Ltd. WISCOM System Co., Ltd. will use its own funds for the acquisition. For the year ended December 31, 2016, Beijing Qianhua Technology Development Co., Ltd had total assets of CNY 787.63 million, net assets of CNY 84.39 million, revenue of CNY 533.04 million, operating profit of CNY 27.11 million and net profit of CNY 22.28 million.
The transaction was approved by the Board of WISCOM System Co., Ltd. on January 19, 2017 and does not require its shareholders' approval.
Wiscom System Co., Ltd. is a China-based company, principally engaged in the operation of electric power automation business, information technology (IT) business, electrical engineering design and service business, as well as new energy business. The Company's main products and services consist of power plant electrical automation devices and systems, substation integrated automation devices and systems, intelligent products and services, electric power automation other products, IT services and related products, modular substations, and electric power engineering design and services, among others. The Company operates its business in domestic markets, with Eastern China and Northern China as its major markets.
WISCOM System Co., Ltd. agreed to acquire the remaining 35% stake in Beijing Qianhua Technology Development Co., Ltd. from Chen Chen, Wang Junliang, Yang Zhiyong, Jia Lichao and Wang Shupeng for CNY 61.8 million.
WISCOM SYSTEM CO., LTD. 
