Beijing Infosec Technologies Co.,Ltd. entered into intent agreement to acquire 80% stake in Beijing Pushtime Technology Co., Ltd. from Mao Handong, Miao Jiajia, Beijing Pushi Zongheng Enterprise Management Consulting Partnership Enterprise (Limited Partnership), Beijing Pushiren Enterprise Management Consulting Partnership Enterprise (Limited Partnership) for approximately CNY 380 million.
November 11, 2022
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Beijing Infosec Technologies Co.,Ltd. (SHSE:688201) entered into intent agreement to acquire 80% stake in Beijing Pushtime Technology Co., Ltd. from Mao Handong, Miao Jiajia, Beijing Pushi Zongheng Enterprise Management Consulting Partnership Enterprise (Limited Partnership), Beijing Pushiren Enterprise Management Consulting Partnership Enterprise (Limited Partnership) for approximately CNY 380 million on November 12, 2022. Beijing Infosec Technologies Co.,Ltd. (SHSE:688201) signed the respective agreement to acquire 80% stake in Beijing Pushtime Technology Co., Ltd. from Mao Handong, Miao Jiajia, Beijing Pushi Zongheng Enterprise Management Consulting Partnership Enterprise (Limited Partnership), Beijing Pushiren Enterprise Management Consulting Partnership Enterprise (Limited Partnership) on November 16, 2022. Under the terms of transaction,Beijing Infosec Technologies Co.,Ltd intend to purchase 57.36%, 16.84%, 3.24%, and 2.56% of Beijing Pushtime Technology Co., Ltd Mao Handong, Miao Jiajia, Beijing Pushi Zongheng Enterprise Management Consulting Partnership Enterprise (Limited Partnership), Beijing Pushiren Enterprise Management Consulting Partnership Enterprise (Limited Partnership) respectively and will pay CNY 174 million, CNY 51.4 million, CNY 9.9 million and CNY 7.8 million. Beijing Infosec will pay consideration to Beijing Pushi Zongheng Enterprise 6.87 million in stock and 3 million in cash and Beijing Pushiren Enterprise Management consideration is stock 5.79 million and 1.99 million in cash, whereas consideration paid to Mao Handong 174.96 million and Miao Jiajia 51.36 million will only be in shares. The transaction plan and related proposals have been reviewed and approved by the 23rd meeting of the Second Board of Directors of Beijing Infosec Technologies Co.,Ltd. At the same time, independent directors have expressed their independent opinions. The shareholders of the target company reviewed and approved the transaction plan. Transaction is still subject to approval of Beijing Infosec shareholders meeting of the listed company still needs to review and approve this transaction plan and Approval by the Shanghai Stock Exchange and the China Securities Regulatory Commission is still required. As of December 3, 2022, The shareholders of Beijing Infosec Technologies has approved the deal on December 2, 2022. As of May 11, 2023, Beijing Infosec Technologies Co.,Ltd. received the Consent to Beijing Infosec Technologies Co.,Ltd on Issuing Shares, issued by the China Securities Regulatory Commission on May 10, 2023.
Chen Liang of China Galaxy Securities Co., Ltd. (SEHK:6881) acting as financial advisor and Li Yuan and Zhang Luwen, Wang Dan of Beijing DHH Law Firm acted as legal advisor along with RSM Accounting Firm as accountant to Beijing Infosec.
Beijing Infosec Technologies Co Ltd is a China-based company mainly engaged in the provision of information security products and solutions. The Company is committed to solving information security issues such as identity security, communication security and data security in various network environments. The Company's main products include identity security, communication security, data security, mobile security, cloud security and platform security product lines. The Company's products are mainly used in the field of password security and network security. The Company mainly provides advanced products and solutions for core business systems in important fields such as finance, government and enterprises. The Company primarily conducts its businesses in the domestic market.
BEIJING INFOSEC TECHNOLOGIES CO.,LTD 
