Shanghai Yili Enterprise Development Co., Ltd. completed the acquisition of 3.93% stake in Netac Technology Co., Ltd. from Cheng Xiaohua.
January 11, 2018
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Shanghai Yili Enterprise Development Co., Ltd. signed a share transfer agreement to acquire 3.93% stake in Netac Technology Co., Ltd. (SZSE:300042) from Cheng Xiaohua for approximately CNY 200 million on December 10, 2017. As per terms, 5.25 million shares will be acquired at CNY 38.095 per share. On December 14, 2017, share transfer supplemental agreement is signed as per which deal terms revised. Shanghai Yili Enterprise Development Co., Ltd. will now acquire the stake at CNY 38.10 per share. Post completion, Cheng Xiaohua will own 6.5% stake in Netac Technology Co., Ltd. In related deal, Shanghai Yili Enterprise Development Co., Ltd. signed agreement to acquire stake in Netac Technology Co., Ltd. from Zhongke Huitong (Shenzhen) Equity Investment Fund Co., Ltd. Shanghai Yili Enterprise Development Co., Ltd. will acquire a total of 24.9% stake i.e. 33.3 million shares in both the deals.
Shanghai Yili Enterprise Development Co., Ltd. completed the acquisition of 3.93% stake in Netac Technology Co., Ltd. (SZSE:300042) from Cheng Xiaohua on January 11, 2018. Post completion, Shanghai Yili Enterprise Development hold 24.93% stake in Netac Technology.
Netac Technology Co., Ltd. is a China-based company principally engaged in the research, development, production and sales of flash memory application and mobile storage products. The Company is also engaged in the operation of related technology patent and the house leasing business. The Company's main products include flash drives, mobile hard drives, flash memory control chips, solid state drives and flash memory modules. The Company mainly conducts its business in domestic market.