China Hi-Tech Group Co., Ltd. agreed to acquire remaining 49% stake in Guangxi Yingteng Education Technology Co.,Ltd. from Lan Tao, Tong, Xilin Lu Tie and Shenzhen Defu Asset Management Co., Ltd. for approximately CNY 200 million.
October 10, 2019
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China Hi-Tech Group Co., Ltd. (SHSE:600730) agreed to acquire remaining 49% stake in Guangxi Yingteng Education Technology Co.,Ltd. from Lan Tao, Tong, Xilin Lu Tie and Shenzhen Defu Asset Management Co., Ltd. for approximately CNY 200 million on October 10, 2019. Under the terms of transaction, China Hi-Tech Group Co., Ltd. will acquire 28.19% stake (5.9 million shares) from Lan Tao for CNY 115.1 million, 18.69% stake (3.9 million shares) from Lu Tie for CNY 76.3 million and 0.79% stake (0.17 million shares) from Shenzhen Defu Asset Management Co., Ltd. for CNY 3.2 million. Upon completion, Guangxi Yingteng Education Technology Co.,Ltd. will become a wholly owned subsidiary of China Hi-Tech Group Co., Ltd. The transaction is subject to approval from relevant state-owned asset management department, and the asset assessment report still needs to be approved by the state-owned assets management department, approval from shareholders of China Hi-Tech Group Co., Ltd. The transaction has been approved by the Board of China Hi-Tech Group Co., Ltd.
CHINA HI-TECH GROUP CO LTD is a China-based company mainly engaged in education and property leasing business. Its vocational education business mainly includes the industry-education integration business of higher education in the information technology (IT) field with artificial intelligence and big data majors, and the online vocational education business with medical education as the main direction. Its leasing business mainly includes commercial housing rentals. The Company mainly conducts its businesses in domestic market.
China Hi-Tech Group Co., Ltd. agreed to acquire remaining 49% stake in Guangxi Yingteng Education Technology Co.,Ltd. from Lan Tao, Tong, Xilin Lu Tie and Shenzhen Defu Asset Management Co., Ltd. for approximately CNY 200 million.