Jiangsu Riying Electronics Co., Ltd. signed the share transfer agreement to acquire 20% stake in Changchun Zhongding Technology Co., Ltd. from Lu Ming and Guo Xiaoqiang for CNY 3.5 million.
February 26, 2020
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Jiangsu Riying Electronics Co., Ltd. (SHSE:603286) signed the share transfer agreement to acquire 20% stake in Changchun Zhongding Technology Co., Ltd. from Lu Ming and Guo Xiaoqiang for CNY 3.5 million on February 25, 2020. Lu Ming and Guo Xiaoqiang will sell 15.6% stake and 4.4% stake for CNY 2.7 million and CNY 0.77 million respectively. Presently Lu Ming and Guo Xiaoqiang holds 78.6% stake and 21.4% stake in Changchun Zhongding Technology Co., Ltd. respectively and post completion, Lu Ming and Guo Xiaoqiang will hold 57.3% stake and 15.5% stake respectively and Jiangsu Riying Electronics Co., Ltd. will hold 27.3% stake. In a related deal, capital increase agreement was also signed which will result in ownership of 27.3% stake in Changchun Zhongding Technology
In 2019, Changchun Zhongding Technology Co., Ltd. has total assets of CNY 7.4 million, net assets of CNY 3.8 million, revenue of CNY 13.3 million and net profit of CNY 2.1 million. On February 25, 2020, Jiangsu Riying Electronics Co., Ltd. held its general manager office meeting and approved the deal. It does not need approval from Jiangsu Riying Electronics's Board of Directors.
Jiangsu Riying Electronics Co Ltd is a China-based company mainly engaged in research and development, production and sales of auto parts. The company's products are divided into sensing products, transmission products, control products and others. The sensing products include various sensors and 360 panoramic view systems, the transmission products include automotive wiring harnesses, and the control products include sunroof controllers. The Company's products also include washing systems, precision injection molding and others. The Company mainly operates its businesses in the domestic and overseas markets.
Jiangsu Riying Electronics Co., Ltd. signed the share transfer agreement to acquire 20% stake in Changchun Zhongding Technology Co., Ltd. from Lu Ming and Guo Xiaoqiang for CNY 3.5 million.