Qian Jianbo agreed to acquire LEC (Ningbo) Daily-used Products Co., Ltd. from LEC, Inc. (TSE:7874) on April 9, 2016. A contract is expected to be signed on April 10, 2016. After the transaction, LEC, Inc. will hold no stake in LEC (Ningbo) Daily-used Products Co., Ltd. During the period ended December 2015, LEC (Ningbo) Daily-used Products reported net assets of ¥1.15 billion, total assets of ¥1.66 billion, sales of ¥1 billion, operating loss of ¥338 million and net loss of ¥438 million.

The deal is expected to close on April 10, 2016.