Shenzhen Mason Technologies Co., Ltd. completed acquisition of Beijing Wanxiang Xindong Mobile Technology Co., Ltd.
January 19, 2017
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Shenzhen Mason Technologies Co., Ltd. (SZSE:002654) agreed to acquire Beijing Wanxiang Xindong Mobile Technology Co., Ltd. for approximately CNY 560 million on September 2, 2016. Under the terms of the transaction Shenzhen Mason Technologies Co., Ltd. will pay CNY 224 million in cash and CNY336 million will be paid by way of share issuance. The issue price for this asset acquisition is CNY13.47 per share and Shenzhen Mason Technologies Co., Ltd. will issue 24.95 million shares. For the year ended December 31, 2015 Beijing Wanxiang Xindong Mobile Technology Co., Ltd. reported revenue of CNY 40.53 million, total assets of CNY 19.83 million, net income of CNY 4.44 million and owner`s equity of CNY 4.91 million. The transaction is subject to approval from shareholders of Shenzhen Mason Technologies Co., Ltd. and the transaction is subject to approval from China Securities Regulatory Commission. As of September 2, 2016 Board of Shenzhen Mason Technologies Co., Ltd. approved the transaction. As on September 22, 2016, Shenzhen Mason Technologies Co., Ltd. held the 3rd extraordinary shareholders meeting of 2016, and approved the transaction. As on November 28, 2016, the Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission approved the transaction. On January 3, 2017, the Shenzhen Mason Technologies Co., Ltd. received approval of Shenzhen Mason Technologies Co., Ltd.’s acquisition of assets through the issuance of shares and raising of supporting funds from the China Securities Regulatory Commission. Grandall Law Firm acted as legal advisor for Shenzhen Mason Technologies Co., Ltd., Guotai Junan Securities Company Limited (SHSE:601211) acted as financial advisor for Shenzhen Mason Technologies Co., Ltd. (SZSE:002654), BDO China SHU LUN PAN Certified Public Accountants LLP acted as an accountant for Shenzhen Mason Technologies Co., Ltd. (SZSE:002654).
Shenzhen Mason Technologies Co., Ltd. (SZSE:002654) completed acquisition of Beijing Wanxiang Xindong Mobile Technology Co., Ltd. on January 19, 2017.
Shenzhen Mason Technologies Co.,Ltd. is a China-based company principally engaged in the supply of light-emitting diode (LED) light source devices and lighting products. The Company is primarily engaged in the research and development, design, production and sale of high-end LED light source devices and LED lighting products. The Company's products are categorized into LED light source components and LED lightings. The Company also provides infrared receivers. The Company distributes its products in domestic market and to overseas market.