Taizhou Rishun Electric Appliance Development Co., Ltd. agreed to acquire Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation (JASDAQ:6626) on June 27, 2017. A contract is expected to be signed after October 2017. Taizhou Rishun Electric Appliance Development Co., Ltd. signed an agreement to acquire Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation (JASDAQ:6626) for ¥373 million on October 25, 2017. As of March 2017, Taizhou SUMITEC Electronics reported net assets of ¥463.42 million, total assets of ¥838.97 million, sales of ¥1.63 billion, operating profit of ¥70.81 million and net income of ¥66.25 million. The deal is subject to approval from Chinese authorities. Taizhou Rishun Electric Appliance Development Co., Ltd. cancelled the acquisition of Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation (JASDAQ:6626) on June 27, 2018.