Zhejiang Chengze Technology Co., Ltd. signed a supplementary share transfer agreement to acquire additional 5.01% stake in Elec-Tech International Co., Ltd. from China Life Security Fund Management Co., Ltd., managed by China Life Security-Huaxin Trust Fixed Increase No. 7 Asset Management Plan for approximately CNY 140 million.
June 06, 2022
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Zhejiang Chengze Technology Co., Ltd. signed a supplementary share transfer agreement to acquire additional 5.01% stake in Elec-Tech International Co., Ltd. (SZSE:002005) from China Life Security Fund Management Co., Ltd., managed by China Life Security-Huaxin Trust Fixed Increase No. 7 Asset Management Plan for approximately CNY 140 million on June 1, 2022. The 50% of total cash consideration is payable within 10 days from the date when the Shenzhen Stock Exchange issues the confirmation document on the transfer of the target shares and remaining 50% within 30 days from the date when the target shares are transferred to the name of Chengze Technology. After the equity change is completed, the China Life Security will no longer hold or control the shares of Elec-Tech International.
Elec-Tech International Co., Ltd. is a China-based company principally engaged in the light emitting diode (LED) chips and application business and small household appliance business. The Company's small household appliance businesses include the research, development and manufacture of bread machines, ovens, coffee pots and blenders. Its LED businesses include the manufacture of LED epitaxial wafers, LED chips, LED packaging, LED lighting products and LED display screens, among others. The Company distributes its products within the domestic markets and to overseas markets.
Zhejiang Chengze Technology Co., Ltd. signed a supplementary share transfer agreement to acquire additional 5.01% stake in Elec-Tech International Co., Ltd. from China Life Security Fund Management Co., Ltd., managed by China Life Security-Huaxin Trust Fixed Increase No. 7 Asset Management Plan for approximately CNY 140 million.