Tianjin Fengchi Tianxia Enterprise Management Consulting Center (Limited Partnership) intends to acquire 10% stake in Beijing Fengxing Online Technology Co., Ltd. from Shenzhen MTC Co., Ltd. for CNY 29.2 million.
December 30, 2020
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Tianjin Fengchi Tianxia Enterprise Management Consulting Center (Limited Partnership) intends to acquire 10% stake in Beijing Fengxing Online Technology Co., Ltd. from Shenzhen MTC Co., Ltd. (SZSE:002429) for CNY 29.2 million on November 30, 2020. As per terms, Tianjin Fengchi Tianxia Enterprise Management Consulting Center (Limited Partnership) shall pay at least 50% before December 31, 2020 and the remaining transfer price shall be paid in one lump sum or in installments before December 31, 2021. Upon completion, Shenzhen MTC Co., Ltd. will reduce its stake in Beijing Fengxing Online Technology Co., Ltd. from 66.8% to 55.8%. As at September 30, 2020, Beijing Fengxing Online Technology Co., Ltd. reported total assets of CNY 954.88 million and net assets of CNY 7.07 million. The transaction is subject to approval of Shenzhen MTC Co., Ltd. The transaction is approved by the board of directors of Shenzhen MTC Co., Ltd. in the 19th meeting of the fifth board of directorate.
Shenzhen MTC Co., Ltd. is a China-based company, principally engaged in the research and development, design, manufacture and distribution of household video and audio consumer electronics. The Company primarily provides household video and audio consumer electronics, including liquid crystal display (LCD) televisions, digital set top boxes, blue laser video disk players, multimedia sound boxes and light emitting diode (LED) products and accessories. The Company also offers Internet terminals and services, and original design manufacturer (ODM) services. The Company distributes its products in domestic and overseas markets.
SHENZHEN MTC CO., LTD. 
