Shenzhen Inovance Technology Co., Ltd. entered into an agreement to acquire 32.4% stake in Shanghai Laien Machine Tool Parts Corporation from Shanghai Rabbit CNC Machine Tools Co., Ltd. for CNY 31.4 million.
October 24, 2017
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Shenzhen Inovance Technology Co., Ltd. (SZSE:300124) entered into an agreement to acquire 32.4% stake in Shanghai Laien Machine Tool Parts Corporation from Shanghai Rabbit CNC Machine Tools Co., Ltd. for CNY 31.4 million on October 13, 2017. In a related deal, Shenzhen Inovance Technology Co., Ltd. entered into an agreement to acquire 2% stake in Shanghai Laien Machine Tool Parts Corporation from Li Luming for CNY 2 million. Upon completion of both transactions, Shenzhen Inovance Technology Co., Ltd. will hold 94.4% stake in Shanghai Laien Machine Tool Parts Corporation. The transaction will be funded from own funds. For the year ended December 31, 2016, Shanghai Laien Machine Tool Parts Corporation reported total assets of CNY 45.7 million, shareholders’ equity of CNY 40.03 million, revenue of CNY 19.4 million, operating profit of CNY 0.67 million, and net profit of CNY 0.63 million. The transaction has been approved by the 34th session of 3rd directorate meeting of Shenzhen Inovance Technology Co., Ltd. and does not need its shareholders’ approval.
Shenzhen Inovance Technology Co., Ltd. specializes in the design, development and marketing of industrial automation solutions and systems. Net sales break down by family of products as follows:
- industrial automation systems (87.2%): variable speed drives, frequency converters, inverters, electrical voltage control and monitoring systems, control and drive systems, robots, etc.;
- others (12.8%): new energy vehicles and rail transport systems.
China accounts for 95.7% of net sales.
Shenzhen Inovance Technology Co., Ltd. entered into an agreement to acquire 32.4% stake in Shanghai Laien Machine Tool Parts Corporation from Shanghai Rabbit CNC Machine Tools Co., Ltd. for CNY 31.4 million.
SHENZHEN INOVANCE TECHNOLOGY CO.,LTD 
