Beijing Trust&Far Technology CO.,LTD entered into an equity transfer agreement to acquire 90% stake in Wenzhou Zhongxin Haoyuan Investment Co. Ltd. from Sunshine 100 Real Estate Group Co., Ltd. for CNY 790 million.
December 26, 2019
Share
Beijing Trust&Far Technology CO.,LTD (SZSE:300231) entered into an equity transfer agreement to acquire 90% stake in Wenzhou Zhongxin Haoyuan Investment Co. Ltd. from Sunshine 100 Real Estate Group Co., Ltd. for CNY 790 million on December 26, 2019. Consideration will be paid in the form of installments of CNY 90 million, CNY 100 million and CNY 600 million. An amount of CNY 2 billion funding will be raise from qualified investors, out of which CNY 90 million will be paid for paying the first installment. As of December 31, 2019, Wenzhou Zhongxin Haoyuan Investment reported net loss of CNY 15.25 million. The Board of Wenzhou Zhongxin Haoyuan Investment Co. Ltd. shall consist of three members, two of whom shall be appointed by Beijing Trust and one by Sunshine 100 Group. The chairperson shall be the director appointed by Sunshine 100 Group. The general manager of Wenzhou Zhongxin Haoyuan Investment Co. Ltd. shall be nominated by Sunshine 100 Group. The proceed from the sale will be used for general working capital and potential acquisitions and investments as and when opportunities arise. CHFT Advisory And Appraisal Ltd. acted as a valuer in the transaction for Sunshine 100 China Holdings Ltd. KPMG Hong Kong acted as an accountant to Sunshine 100 China Holdings Ltd.
Beijing Trust & Far Technology Co., LTD. is a China-based company principally engaged in provision of information technology (IT) infrastructure. The Company is primarily engaged in provision of IT operation and maintenance solutions, development and distribution of IT infrastructure management software, as well as related system integration services. The Companyâs products are mainly applies in areas including banks, telecommunication companies, governments, business trading companies and other industries. The Company mainly operates its businesses in domestic markets.
Beijing Trust&Far Technology CO.,LTD entered into an equity transfer agreement to acquire 90% stake in Wenzhou Zhongxin Haoyuan Investment Co. Ltd. from Sunshine 100 Real Estate Group Co., Ltd. for CNY 790 million.