Zhejiang Dongwang Times Technology Co., Ltd. completed the acquisition of Chongqing Huixian Youce Technology Co., Ltd. from group of sellers.
October 27, 2022
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Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) agreed to acquire Chongqing Huixian Youce Technology Co., Ltd. from group of sellers for CNY 450 million on March 11, 2022. Zhejiang Dongwang Times Technology Co., Ltd. agreed to acquire 86.67% stake in Huixian Youce Technology Co., Ltd. from group of sellers for approximately CNY 380 million on May 30, 2022. The Chongqing Huixian had unaudited total assets of CNY 480 million and net assets of CNY 276 million, as of March 31, 2022. The transaction is subject to approval of Zhejiang Dongwang's shareholders. Supervisory Committee of Zhejiang Dongwang approved the transaction. As of June 17, 2022, the shareholders of Zhejiang Dongwang approved the transaction. Assets Supervision and Administration Office of Dongyang Municipal People's Government have approved the transaction. CITIC Securities Company Limited acted as financial advisor to Zhejiang Dongwang Times Technology Co., Ltd. As of September 30, 2022, the transaction is approved by shareholders of Zhejiang Dongwang Times Technology Co., Ltd. As on October 14, 2022, The company has obtained 85.55% of the equity of the target company held by the counterparties of this restructuring transaction except Chongqing Technology Venture Capital Co., Ltd., Gou Jinchuan and Zeng Zhijian. The completed the equity transfer and related industrial and commercial change registration procedures, and obtained the "Business License" renewed by the Market Supervision Administration.
Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) completed the acquisition of Chongqing Huixian Youce Technology Co., Ltd. from group of sellers on October 27, 2022.
Zhengyuan Zhihui Group Co Ltd, formerly Zhejiang Zhengyuan Zhihui Technology Co Ltd, is a company mainly engaged in providing system construction services. The Company operates three segments. The System Construction segment provides system construction services for schools, enterprises and military police, and the services include smart one card system construction, smart campus construction, smart parks and smart industry construction. The Operation and Service segment is involved in the provision of maintenance services for the one card system and operation of online education platforms. The Smart Management segment provides weak current engineering services related to the one card system.