Hubei Huachangda Intelligent Equipment Co., Ltd. signed a conditional framework agreement to acquire Kunshan Noke Automotive Technical Machinery Co.,Ltd. from Xu Xueming and Fan Xuefang for CNY 330 million in cash and stock on September 18, 2015. Under the terms, as consideration, Hubei Huachangda Intelligent Equipment will issue 12.18 million shares at CNY 18.97 per share and will pay CNY 99 million in cash. In a related deal, Hubei Huachangda Intelligent Equipment Co., Ltd. signed a conditional framework agreement to acquire Jiangsu ShiDeWei Network Technology Co., Ltd. from Changshu Shidewei Industry Group Co., Ltd., Changshu Shidewei Investment Properties Co., Ltd., Li Juan, Chen Deyang, Chen Jiawang, Xiao Chenglin, Yao Jinqiang, Zhu Lei, Huang Guojian, Wu Limin and Yin Hai for CNY 1.5 billion in cash and stock. Hubei Huachangda Intelligent Equipment will finance the acquisition via a private placement, out of which CNY 549 million shall be used to pay for the cash consideration. Kunshan Noke Automotive Technical Machinery Co.,Ltd. reported total assets of CNY 339.62 million, total owner's equity of CNY 15.61 million, operating revenues of CNY 156.57 million and net profit of CNY 9.07 million for the year ending December 31, 2014. The transaction is subject to the approval from the second directorate of Hubei Huachangda Intelligent Equipment, shareholders of Hubei Huachangda Intelligent Equipment and China Securities Regulatory Commission approval. The transaction was approved by the Board of Hubei Huachangda Intelligent Equipment. Haitong Securities Co., Ltd. acted as financial advisor for Hubei Huachangda Intelligent Equipment Co., Ltd.


Hubei Huachangda Intelligent Equipment Co., Ltd. cancelled the acquisition of Kunshan Noke Automotive Technical Machinery Co.,Ltd. from Xu Xueming and Fan Xuefang on December 11, 2015.