Advanced Technology & Materials Co., Ltd. cancelled the acquisition of 39.68% stake in IECHO Science Technology Co., Ltd. from Sun Zhaodong and Sun Feifei.
August 28, 2020
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Advanced Technology & Materials Co., Ltd. (SZSE:000969) agreed to acquire 39.68% stake in IECHO Science Technology Co., Ltd. from Sun Zhaodong and Sun Feifei for CNY 79 million on August 29, 2019. Sun Zhaodong is receiving CNY 44 million and Sun Feifei is receiving CNY 34.9 million. An 80% of the consideration will be paid within 10 days since signing of the agreement. The remaining 20% will be paid within 20 days since completion of delivery of underlying equity and change of registry procedures. In a related transaction, Advanced Technology & Materials will acquire a stake in IECHO Science Technology through capital increase for CNY 100 million. On completion of the transaction and capital increase, Advanced Technology & Materials will hold 50.26% stake, Sun Zhaodong will hold 33.7% stake and Sun Feifei will hold nil stake in IECHO Science Technology.
For the year ended December 31, 2018, IECHO Science Technology reported total assets of CNY 365 million and net assets of CNY 70.8 million. As of December 31, 2018, IECHO Science Technology reported operating revenue of CNY 186 million, operating loss of CNY 0.78 million and net profit of CNY 0.65 million. The transaction was approved by the 11th meeting of the 7th directorate of Advanced Technology & Materials.
Advanced Technology & Materials Co., Ltd. (SZSE:000969) cancelled the acquisition of 39.68% stake in IECHO Science Technology Co., Ltd. from Sun Zhaodong and Sun Feifei on August 29, 2020.
Hangzhou IECHO Science & Technology Co Ltd is a China-based company mainly engaged in the research and development, design, manufacturer and sales of intelligent cutting equipment. The Company's main products include basic intelligent cutting equipment, scalable intelligent cutting equipment, high-speed large-format intelligent cutting equipment, leather cutting assembly line equipment, multilayer intelligent cutting equipment and micro intelligent cutting equipment. The Company's products are applied in the manufacturing process of advertising and printing, automotive interior, home textile, composite material, textile and garment, office automation, footwear, luggage and other industries. The Company also provides customers with industry application software, technical customization equipment and open services related to smart cutting equipment. The Company distributes its products within domestic market and to overseas markets.
Advanced Technology & Materials Co., Ltd. cancelled the acquisition of 39.68% stake in IECHO Science Technology Co., Ltd. from Sun Zhaodong and Sun Feifei.