Fujian Raynen Technology Co., Ltd. signed letter of intent to acquire 51% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd from Changxing Super Control Technology Consulting Partnership (Limited Partnership) for CNY 36.7 million.
May 09, 2019
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Fujian Raynen Technology Co., Ltd. (SHSE:603933) signed letter of intent to acquire 51% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd from Changxing Super Control Technology Consulting Partnership (Limited Partnership) for CNY 36.7 million on May 8, 2019. The transfer price is approximately between CNY 34.68 million and CNY 36.72 million. The final transfer price will be based on the asset evaluation issued by the asset appraisal agency. The consideration for the acquisition will be paid in cash. As of December 31, 2019, Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd reported total owner's equity of CNY 24.6 million.
FUJIAN RAYNEN TECHNOLOGY CO., LTD. is a China-based company principally involved in the research, development, manufacture and sales of computerized control system for knitting machines, as well as the distribution of integrated circuit (IC) products. The Company operates through two main segments. The Manufacture segment is mainly engaged in the research, development, manufacture and sales of computerized control system for knitting machines, as well as the manufacture of development tools and evaluation boards for IC products and high - pressure gas discharge lamp electronic ballast, among others. The Distribution segment is primarily engaged in the distribution of integrated circuit chips, other electronic components and industrial electrical automation products.
Fujian Raynen Technology Co., Ltd. signed letter of intent to acquire 51% stake in Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd from Changxing Super Control Technology Consulting Partnership (Limited Partnership) for CNY 36.7 million.
FUJIAN RAYNEN TECHNOLOGY CO., LTD. 