TCL Corporation cancelled the acquisition of an additional 11.07% stake in Tianjin 712 Communication & Broadcasting Co.,Ltd. from ZOOM Technologies, Inc..
July 17, 2016
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TCL Corporation (SZSE:000100) agreed to acquire an additional 11.07% stake in Tianjin 712 Communication & Broadcasting Co.,Ltd. from ZOOM Technologies, Inc. (OTCPK:ZOOM) for approximately CNY 280 million on July 17, 2015. Upon completion, TCL Corporation will hold 21.91% stake in Tianjin 712 and ZOOM Technologies will hold 35.35% stake.
TCL Corporation (SZSE:000100) cancelled the acquisition of an additional 11.07% stake in Tianjin 712 Communication & Broadcasting Co.,Ltd. from ZOOM Technologies, Inc. (OTCPK:ZOOM) on July 17, 2016.
Zoom Technologies, Inc. (Zoom) is a holding company and owns subsidiaries, primarily engaged in technology and communications businesses in China. The Company owns Gold Lion Holding Limited, and through it, owns 100% of Profit Harvest Corporation Ltd, which further owns 100% of Celestial Digital Entertainment, Ltd., a mobile platform video game development company. The Company, through Gold Lion's wholly owned subsidiary, Jiangsu Leimone Electronics Co. Ltd (Jiangsu Leimone), owns 80% of Tianjin Tong Guang Group Digital Communication Co., Ltd (TCB Digital). Both TCB Digital and Jiangsu Leimone are in the business of manufacturing, research and development, and sales of electronic components for third generation mobile phones, wireless communication circuitry, GPS equipment, and related software products.
TCL Corporation cancelled the acquisition of an additional 11.07% stake in Tianjin 712 Communication & Broadcasting Co.,Ltd. from ZOOM Technologies, Inc..