A State backed investment firm agreed to acquire 21.3% stake in Guangdong Zhengye Technology Co., Ltd..
June 09, 2021
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Jingdezhen Sheng Photoelectric Industry Investment and Development Co., Ltd. agreed to acquire 21.25% stake in Guangdong Zhengye Technology Co., Ltd. (SZSE:300410) from Dongguan Zhengye Industrial Investment Co., Ltd. for CNY 900 million on June 10, 2021. Jingdezhen Sheng Photoelectric Industry Investment and Development Co., Ltd. signed a share transfer agreement to acquire 21.25% stake in Guangdong Zhengye Technology Co., Ltd. from Dongguan Zhengye Industrial Investment Co., Ltd. on June 18, 2021. The consideration shall be paid as CNY 160 million within second working day from the agreement shall be paid to the joint account as a performance bond; on the same day, CNY 40 million shall be paid to the joint account as the advance payment for the transaction; After the transfer of 12% of the underlying shares for the first delivery, CNY 160 million performance bond will be converted into the same amount of the share transfer price, and another CNY 160 million shall be paid to the joint account within 20 days; within 30 working days after all the procedures for the transfer of 12% of the shares are completed, CNY 360 million shall be paid to the co-managed account; within 5 working days after the completion of all the remaining shares, that is, the transfer of the 9.25% target shares for the second delivery, shall pay the remaining total amount of CNY 179 million. As per terms, 79.4 million shares will be acquired in two times: in the first delivery, 44.8 million shares equivalent to 12% stake and in the second delivery, 34.6 million shares equivalent to 9.25% of the stake. Post completion, shareholding of Dongguan Zhengye Industrial Investment Co., Ltd. will reduce from 42.94% to 21.69%. The transaction needs to be approved by the Shareholder of Jingdezhen Sheng Photoelectric Industry Investment and Development Co., Ltd. and Jingdezhen State-owned Assets Supervision and Administration Commission.
Guangdong Zhengye Technology Co.,Ltd. is a China-based company principally engaged in the of research, development, manufacture and sale of printed circuit board (PCB) precision machining and testing equipment, PCB precision machining auxiliary materials, laser equipment, X-ray automated testing equipment and liquid crystal module automated production equipment. The Company's main products include machine vision and laboratory equipment series, prepreg dust-free automatic cutting machines, hole checking machines, fully automatic reinforcing machines, character printers, film series and filtration series, reinforcing materials, clean series and precision positioning series materials, ultraviolet (UV) laser drilling machines, UV laser cutting machines, precision fiber laser cutting machines, high speed carbon dioxide laser cutting machines, PCB automatic laser engraving machines, laser marking machines, semi-automatic X-ray inspecting machines and automatic X-ray inspecting machines.