Lin Zhongshan agreed to acquire 5% stake in Shenzhen Skyfend Technology Co., Ltd. from Autel Intelligent Technology Corp., Ltd. for CNY 6.3 million.
March 30, 2024
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Lin Zhongshan agreed to acquire 5% stake in Shenzhen Skyfend Technology Co., Ltd. from Autel Intelligent Technology Corp., Ltd. (SHSE:688208) for CNY 6.3 million on March 29, 2024. A cash consideration of CNY 6.3 million will be paid by the buyer. As part of consideration, CNY 6.3 million is paid towards common equity of Shenzhen Skyfend Technology Co., Ltd.
For the period ending December 31, 2023, Shenzhen Skyfend Technology Co., Ltd. reported EBIT of CNY 30.62 million and net loss of CNY 72.13 million. As of December 31, 2023, Shenzhen Skyfend Technology Co., Ltd. reported total assets of CNY 97.11 million and net liabilities of CNY 113.56 million. The deal has been approved by board of directors of Autel Intelligent Technology Corp., Ltd.
Autel Intelligent Technology Corp., Ltd. is a China-based company mainly engaged in automotive intelligent business. The Company's business includes research, development, manufacturing, sales and service of automotive intelligent diagnostics, detection and analysis systems and automotive electronic components. Its main products include comprehensive automotive diagnostic products, Tire Pressure Monitoring System (TPMS) series products, Advanced Driving Assistant System (ADAS) series products and other products, as well as offering in various products Car intelligent repair cloud service. The Company's products are mainly sold to more than 50 countries and regions including the United States, Germany, the United Kingdom, and Australia.
AUTEL INTELLIGENT TECHNOLOGY CORP., LTD. 
