Zhongji Innolight Co., Ltd. completed the acquisition of 16.8% stake in CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD from Wang Yong and 77 other shareholders for approximately CNY 250 million.
June 18, 2020
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Zhongji Innolight Co., Ltd. (SZSE:300308) signed a share transfer framework agreement to acquire 56.0044% stake in CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD from 29 sellers for an enterprise value of approximately CNY 570 million on February 14, 2020. Zhongji Innolight Co., Ltd. signed a share transfer agreement to acquire 67.19% stake in CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD from Wang Yong, Wang Yatao and 81 other shareholders for approximately CNY 380 million on April 24, 2020. The pricing of the acquisition is tentatively set based on the overall valuation of the entire equity of CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD of CNY 571.5 million (specific details will be based on the formal transaction document agreement). The consideration shall all be paid in cash. Under the new terms, the sellers will first transfer 8,041,875 shares of CHENGDU TSUHAN and the second delivery constitute on the transfer 24,125,625 shares of CHENGDU TSUHAN. Within 3 months after the framework agreement takes effect, if the parties fail to sign a formal transaction document for said acquisition, unless the parties agree otherwise to extend the framework agreement’s validity, the framework agreement shall be deemed automatically terminated from the expiration of the aforementioned period; in the event of termination, the parties shall not bear any obligation of compensation or liability for breach of contract.
Zhongji Innolight Co., Ltd. (SZSE:300308) completed the acquisition of 16.8% stake in CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD from Wang Yong and 77 other shareholders for approximately CNY 250 million on June 19, 2020.
ZHONGJI INNOLIGHT CO., LTD. is a China-based company mainly engaged in high-end optical communication transceiver module business and intelligent equipment manufacturing business. The Company is committed to the research, development, manufacturing and sales of high-end optical communication transceiver modules. The products mainly serve the fields of cloud computing data centers, data communications, 5G wireless networks and telecommunications transmission networks. The intelligent equipment manufacturing business includes the research and development, manufacturing, sales and after-sales service of motor stator winding manufacturing equipment. The products are mainly used in automotive motors, industrial motors, household appliances motors and other fields. The Company operates its businesses in both domestic and overseas markets.
Zhongji Innolight Co., Ltd. completed the acquisition of 16.8% stake in CHENGDU TSUHAN SCIENCE&TECHNOLOGY CO.,LTD from Wang Yong and 77 other shareholders for approximately CNY 250 million.