Hangjin Technology Co., Ltd. (SZSE:000818) entered into an agreement to acquire 98% stake in GuoGuang Electric Co., Ltd. from Xinyu Huanya Nuojin Enterprise Management Co., Ltd., Henan Guozhiguang Electronic Information Technology Research and Development Center (Limited Partnership), Shenzhen Nanshan Lianchuang Yongxuan Equity Investment Fund Partnership Enterprise (Limited Partnership), Xinjiang Bingtou Lianchuang Yongxuan Equity Investment Limited Partnership Enterprise, and Sun Shanzhong for CNY 1.2 billion on June 17, 2019. Under the terms of the transaction, Hangjin Technology Co., Ltd. will pay CNY 450.8 million in cash and 30.6 million shares to Xinyu Huanya Nuojin Enterprise Management Co., Ltd. and will issue 32.66 million shares to other sellers as consideration. Xinyu Huanya Nuojin Enterprise Management Co., Ltd., Henan Guozhiguang Electronic Information Technology Research and Development Center (Limited Partnership), Shenzhen Nanshan Lianchuang Yongxuan Equity Investment Fund Partnership Enterprise (Limited Partnership), Xinjiang Bingtou Lianchuang Yongxuan Equity Investment Limited Partnership Enterprise, and Sun Shanzhong will transfer 67.65%, 12.5%, 10%, 5%, and 2.86% stake respectively. In a related deal, Hangjin Technology Co., Ltd. entered into an agreement to acquire Chengdu Screen Microelectronics Co., Ltd. from Jianshui Quanjun Enterprise Management Center (Limited Partnership), Zhang Ya, Feijun Yongping Bangde No. 1 Private Equity Fund and Beijing Xietong Chuangxin Jingfu Investment Fund (Limited Partnership) for CNY 910 million on June 17, 2019. The cash consideration will be financed through private placement of CNY 800 million.

For the year ended December 31, 2018, GuoGuang Electric Co., Ltd. reported total assets of CNY 787.3 million, revenue of CNY 428.7 million, and operating profit of CNY 67.4 million. The transaction is subject to approval from second directorate meeting and shareholders of Hangjin Technology Co., Ltd., State Administration for Science, Technology and Industry for National Defense complete military matters review of this transaction, and approval from China Securities Regulatory Commission. On June 17, 2019, the transaction was approved by the 32nd interim session of the 7th directorate meeting of Hangjin Technology Co., Ltd. and the sellers have adopted the decision making procedures.

Hangjin Technology Co., Ltd. (SZSE:000818) cancelled the acquisition of 98% stake in GuoGuang Electric Co., Ltd. from Xinyu Huanya Nuojin Enterprise Management Co., Ltd., Henan Guozhiguang Electronic Information Technology Research and Development Center (Limited Partnership), Shenzhen Nanshan Lianchuang Yongxuan Equity Investment Fund Partnership Enterprise (Limited Partnership), Xinjiang Bingtou Lianchuang Yongxuan Equity Investment Limited Partnership Enterprise, and Sun Shanzhong on June 17, 2020.