GuangDong Topstrong Living Innovation & Interation Co.,LTD cancelled the acquisition of 48% stake in Shenzhen KAADAS Intelligent Technology Co., Ltd from Su Qiyun, Jiang Niangen, Xu Haiqing and Li Guangshun.
November 06, 2019
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GuangDong Topstrong Living Innovation & Interation Co.,LTD (SZSE:300749) agreed to acquire 48% stake in Shenzhen KAADAS Intelligent Technology Co., Ltd from Su Qiyun, Jiang Niangen, Xu Haiqing and Li Guangshun for CNY approximately 910 million on February 12, 2019. The consideration is subject to adjustment and will be paid in cash and 18.88 million shares of GuangDong Topstrong Living Innovation & Interation Co.,LTD. GuangDong Topstrong Living Innovation & Interation Co.,LTD signed an agreement to acquire 48% stake in Shenzhen KAADAS Intelligent Technology Co., Ltd on February 13, 2019. CNY 248 million will be raised to fund the transaction. For the year ended December 31, 2018, Shenzhen KAADAS Intelligent Technology Co., Ltd reported total assets of CNY 373.75 million, total revenue of CNY 598.6 million and EBIT of CNY 118.34 million. The transaction is subject to approval from shareholders of GuangDong Topstrong Living Innovation & Interation Co.,LTD, approval from china securities regulatory commission, After the completion of the audit and appraisal work, GuangDong Topstrong Living Innovation & Interation Co.,LTD would need to hold another directorate to approve. The transaction is approved by shareholders of Shenzhen KAADAS Intelligent Technology Co., Ltd and Board of Directors of GuangDong Topstrong Living Innovation & Interation Co.,LTD. China Great Wall Securities Co., Ltd. (SZSE:002939) acted as financial advisor for GuangDong Topstrong Living Innovation & Interation Co.,LTD.
GuangDong Topstrong Living Innovation & Interation Co.,LTD (SZSE:300749) cancelled the acquisition of 48% stake in Shenzhen KAADAS Intelligent Technology Co., Ltd from Su Qiyun, Jiang Niangen, Xu Haiqing and Li Guangshun on November 6, 2019.
GuangDong Topstrong Living Innovation & Integration Co., Ltd is a China-based company principally engaged in the research, development, manufacture and sales of smart home products, such as custom closets and matching furniture, boutique hardware and custom eco doors. Its custom closets and matching furniture include regular wardrobes, smart wardrobes, walk-in closets, bookcases and television cabinets. Its boutique hardware includes intelligent hardware products (including smart locks and smart washing machines) and traditional functional hardware products (including locks, sliding hardware, furniture hardware, door control hardware and bathroom hardware). Its custom eco doors mainly include energy-saving and environmental-friendly metal composite doors. The Company mainly distributes its products in domestic market.
GuangDong Topstrong Living Innovation & Interation Co.,LTD cancelled the acquisition of 48% stake in Shenzhen KAADAS Intelligent Technology Co., Ltd from Su Qiyun, Jiang Niangen, Xu Haiqing and Li Guangshun.
GUANGDONG TOPSTRONG LIVING INNOVATION AND INTEGRATION CO., LTD. 
