J.Pond Precision Technology Co., Ltd. (SZSE:301326) agreed to acquire 55% stake in Wengu Viet Nam High Technology Company Limited and Wengu Industrial (Shanghai) Co., Ltd. from Wengu Sealing System (HK) Limited, and Zhou Lei for CNY 70 million on January 16, 2024. The consideration consists of CNY 70 million in cash. The agreement outlines a three-stage payment plan.
The first tranche of CNY 10 million is due in 15 days, the second tranche of CNY 85 million is conditional on specific requirements, and the third tranche of CNY 5 million is linked to acquiring equity in a Wengu Viet Nam High Technology Company Limited.