Autel Intelligent Technology Corp., Ltd. agreed to acquire Shenzhen Rainbow Technology Development Co., Ltd. from Han's Holdings Group Ltd. for CNY 1 billion.
August 19, 2021
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Autel Intelligent Technology Corp., Ltd. (SHSE:688208) agreed to acquire Shenzhen Rainbow Technology Development Co., Ltd. from Han's Holdings Group Ltd. for CNY 1 billion on August 20, 2021. The purchase also includes the ownership of the assets under the name of Shenzhen Qinghua Rainbow Nano Material High-Tech Co., Ltd. Autel Intelligent will pay 700 million yuan in cash and will also assume the debt of CNY 304 million that Han's Holding Group Co., Ltd. should pay to Shenzhen Qinghua Rainbow Nano Material High-Tech Co., Ltd. On August 18, 2021, The transaction has been reviewed and approved at the twelfth meeting of the Autel's third board of directors. Dahua Certified Public Accountants provided the audit report. Shenzhen Rainbow Technology Development Co., Ltd. has a total assets of CNY 347.864751 million, EBIT of CNY 15.111055 million, net income of CNY 3.686743 million and total common equity of CNY 84.268308 million as of July 31, 2021.
Autel Intelligent Technology Corp., Ltd. is a China-based company mainly engaged in automotive intelligent business. The Company's business includes research, development, manufacturing, sales and service of automotive intelligent diagnostics, detection and analysis systems and automotive electronic components. Its main products include comprehensive automotive diagnostic products, Tire Pressure Monitoring System (TPMS) series products, Advanced Driving Assistant System (ADAS) series products and other products, as well as offering in various products Car intelligent repair cloud service. The Company's products are mainly sold to more than 50 countries and regions including the United States, Germany, the United Kingdom, and Australia.
Autel Intelligent Technology Corp., Ltd. agreed to acquire Shenzhen Rainbow Technology Development Co., Ltd. from Han's Holdings Group Ltd. for CNY 1 billion.