Foshan Shunde District Shengchuangshen Expressway Environmental Industry M&A Investment Partnership (Limited Partnership) and Beijing Gancheng Technology Development Co., Ltd agreed to acquire 60% stake in Beijing Gancheng Technology Development Co., Ltd from Wiscom System Co., Ltd. for CNY 34.2 million.
January 30, 2021
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Foshan Shunde District Shengchuangshen Expressway Environmental Industry M&A Investment Partnership (Limited Partnership) and Beijing Gancheng Technology Development Co., Ltd agreed to acquire 60% stake in Beijing Gancheng Technology Development Co., Ltd from Wiscom System Co., Ltd. (SZSE:002090) for CNY 34.2 million on January 29, 2021. Foshan Shunde District Shengchuangshen Expressway Environmental Industry M&A Investment Partnership (Limited Partnership) will acquire 50% stake and Beijing Gancheng Technology Development Co., Ltd will acquire 10% stake in Beijing Qianhua Technology Development Co., Ltd. After the transfer, Wiscom System Co., Ltd. will still hold 40% in Beijing Qianhua Technology Development Co., Ltd. For the year ended December 31, 2020, Beijing Qianhua Technology Development Co., Ltd reported revenues of CNY 25.7 million, operating loss of CNY 1.32 million, net loss of CNY 1.1 million, total assets of CNY 71.95 million and net assets of CNY 55.7 million. Transaction does not need the approvals of the Wiscom System Co., Ltd and shareholders. As of February 8, 2021, Foshan Shunde District Shengchuangshen Expressway Environmental Industry M&A Investment Partnership paid the first first equity transfer payment of CNY 14.25 million and Beijing Gancheng Technology Development Co., Ltd paid CNY 2.85 million to Wiscom System Co., Ltd.
Wiscom System Co., Ltd. is a China-based company, principally engaged in the operation of electric power automation business, information technology (IT) business, electrical engineering design and service business, as well as new energy business. The Company's main products and services consist of power plant electrical automation devices and systems, substation integrated automation devices and systems, intelligent products and services, electric power automation other products, IT services and related products, modular substations, and electric power engineering design and services, among others. The Company operates its business in domestic markets, with Eastern China and Northern China as its major markets.
Foshan Shunde District Shengchuangshen Expressway Environmental Industry M&A Investment Partnership (Limited Partnership) and Beijing Gancheng Technology Development Co., Ltd agreed to acquire 60% stake in Beijing Gancheng Technology Development Co., Ltd from Wiscom System Co., Ltd. for CNY 34.2 million.