Zhiwen (Beijing) Technology Co., Ltd. agreed to acquire Sinponet (Beijing) Technology Co., Ltd. from Shenzhen Infinova Limited (SZSE:002528) for approximately CNY 420 million on December 11, 2023. The consideration consists of CNY 421.7 million in cash. As part of the consideration, CNY 421.7 million was paid towards common equity.

Zhiwen (Beijing) Technology financed the transaction though a loan. Sinponet reported total assets of CNY 736.3 million and net assets of CNY 391.5 million as on August 31, 2023. The transaction was approved by the Independent Directors and Board of Directors of Shenzhen Infinova.

Completion is subject to approval by shareholders of Shenzhen Infinova.