Damon Technology Group Co.,Ltd. completed the acquisition of Jiangsu Moandi Technology Co., Ltd. from a group of shareholders.
October 10, 2023
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Damon Technology Group Co.,Ltd. (SHSE:688360) signed the acquisition intent agreement to acquire 100% stake in Jiangsu Moandi Technology Co., Ltd. from a group of shareholders for approximately CNY 560 million on February 5, 2023. As of February 17, 2023, Parties signed Acquisition of Assets through the Issuance of Shares and Cash Agreement. Damon Technology Group Co.,Ltd. reported Total Revenues of CNY 287 million, Total assets of CNY 270 million, Net Income of CNY 61 million and Total Common equity of CNY 132 million. The transaction is already approved by acquirer's approval, the transaction is subject to acquirer shareholders and regulatory approval. Sinolink Securities Co., Ltd. (SHSE:600109) acted as financial advisor, Mazars Certified Public Accountants LLP acted as accountant and Grandall (Hangzhou) Law Firm acted as legal advisor to Damon Technology Group Co.,Ltd. As of June 8, 2023. Shareholder has approved Damon Technology Group Co., Ltd. acquisition of asset through share issuance and cash payment. As of August 7, 2023, The transaction is still subject to approval by the Shanghai Stock Exchange and the China Securities Regulatory Commission. As of September 18, 2023, Taicang Municipal Administrative Approval Bureau approved the transaction.
Damon Technology Group Co.,Ltd. (SHSE:688360) completed the acquisition of Jiangsu Moandi Technology Co., Ltd. from a group of shareholders on October 11, 2023.
Damon Technology Group Co Ltd, formerly Zhejiang Damon Technology Co Ltd, is a China-based company mainly engaged in research, development, design, manufacturing, sales and service of automated logistics conveying and sorting systems, key equipment and its core components. The Company's main products include automated logistics conveyor sorting systems; automated logistics conveyor sorting key equipment, such as box conveyor equipment and pallet conveyor equipment; logistics conveyor sorting core components, such as conveyor rollers. The Company's products are used in e-commerce, express logistics, clothing, medicine, tobacco, new retail, smart manufacturing and other fields. The Company operates its businesses within the domestic market and to overseas markets such as South Korea, Australia, European Union countries, the United States and India.