Shanghai Feilo Acoustics Co., Ltd completed the acquisition of Shanghai Industrial Automation Instrumentation Research Institute Co., Ltd., Shanghai Yidian Automotive Electronic System Co., Ltd. and Shanghai Yidian Intelligent Electronics Co., Ltd. from a group of shareholders.
For the year ended December 31, 2018, Shanghai Industrial Automation Instrumentation Research Institute Co., Ltd., Shanghai Yidian Automotive Electronic System Co., Ltd. and Shanghai Yidian Intelligent Electronics Co., Ltd. reported total assets of CNY 3.4 billion, revenues of CNY 2.7 billion, net income of CNY 148.3 million and net assets of CNY 2.3 billion. Boards of Shanghai Industrial Automation Instrumentation Research Institute Co., Ltd., Shanghai Yidian Automotive Electronic System Co., Ltd. and Shanghai Yidian Intelligent Electronics Co., Ltd. need to fulfill the internal decision-making review process and approve the deal. The deal also requires approval from SASAC, China Securities Regulatory Commission and shareholders of Shanghai Feilo Acoustics Co., Ltd. On December 13, 2019, the Board of Directors of Shanghai Feilo Acoustics Co., Ltd approved the transaction. On May 12, 2020, SASAC approved the transaction. The Merger, Acquisition and Reorganization Examination Committee of Listed Company (the Committee) of the China Securities Regulatory Commission will hold a working conference on July 16, 2020 to verify connected transaction of assets purchase through shares issuance. As of July 16, 2020, securities regulator approved the transaction. As of August 13, 2020, China Securities Regulatory Commission approved the deal. He Qing, Chen Shilai, Wang Pai, Jiang Hualin of Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as financial advisors for Shanghai Feilo Acoustics. Li Qiang, Lin Lin, Chen Jie and Fei Yuanshi of Grandall Lawyer (Shanghai) Office acted as legal advisors to Shanghai Feilo in the transaction. Zhang Xiaorong, Zhuang Yibei and Hong Liangjun of Shanghui Certified Public Accountants (Special General Partnership) acted as accountants to Shanghai Feilo in the transaction. Qiu Jingzhi, Ye Hui, Li Jinghao, He Hao and Du Wenhao of Baker Tilly International Accounting Firm (Special General Partnership) acted as accountants to Shanghai Feilo in the transaction. Fang Ming and Wang Xiaomin of Shanghai Dongzhou Asset Appraisal Co., Ltd acted as evaluation agency in the transaction.
Shanghai Feilo Acoustics Co., Ltd (SHSE:600651) completed the acquisition of Shanghai Industrial Automation Instrumentation Research Institute Co., Ltd., Shanghai Yidian Automotive Electronic System Co., Ltd. and Shanghai Yidian Intelligent Electronics Co., Ltd. from a group of shareholders on August 19, 2020. Shanghai Feilo Acoustics Co., Ltd completed the acquisition of Shanghai Yidian Automotive Electronic System Co., Ltd. on August 18, 2020.