Guangdong Senssun Weighing Apparatus Group Ltd. completed the acquisition of 51% stake in Shenzhen Boseen Automation Equipment Co., Ltd. from Liu Haitian, Liu Hailong, Chen Xiaochun, Sunwoda Electronic Co., Ltd, Shenzhen High-tech Industry Investment Co., Ltd. and Guangdong Sanxin Tengsheng Equity Investment Partnership Enterprise (Limited Partnership).
March 18, 2018
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Guangdong Senssun Weighing Apparatus Group Ltd. (SZSE:002870) signed an agreement to acquire a 51% stake in Shenzhen Boseen Automation Equipment Co., Ltd. from Liu Haitian, Liu Hailong, Chen Xiaochun, Sunwoda Electronic Co., Ltd (SZSE:300207), Shenzhen High-tech Industry Investment Co., Ltd. and Guangdong Sanxin Tengsheng Equity Investment Partnership Enterprise (Limited Partnership) for approximately CNY 240 million on March 15, 2018. Under the terms, Liu Haitian, Liu Hailong, Chen Xiaochun, Sunwoda Electronic Co., Ltd, Shenzhen High-tech Industry Investment Co., Ltd. and Guangdong Sanxin Tengsheng Equity Investment Partnership Enterprise (Limited Partnership) will sell 18.03% stake, 4.9% stake, 3.43% stake, 15% stake, 3.97% stake and 5.67% stake for CNY 86.54 million, CNY 23.52 million, CNY 16.46 million, CNY 72 million, CNY 19.06 million and CNY 27.22 million respectively. Prior to the transaction, Liu Haitian held 52% stake, Sunwoda Electronic Co.,Ltd held 20% stake, Guangdong Sanxin Tengsheng Equity Investment Partnership Enterprise (Limited Partnership) held 5.67% stake, Liu Hailong held 4.9% stake, Shenzhen High-tech Industry Investment Co., Ltd. held 3.97% stake and Chen Xiaochun held 3.43% stake in Shenzhen Boseen Automation Equipment Co., Ltd. Post completion, Guangdong Senssun Weighing Apparatus Group Ltd. will hold 51% stake whereas Liu Haitian and Sunwoda Electronic Co., Ltd will continue to hold 33.97% and 5% stake in Shenzhen Boseen Automation Equipment Co., Ltd., respectively. The consideration will be paid using own funds.
Shenzhen Boseen Automation Equipment Co., Ltd. had total assets of CNY 213.62 million and total owner's equity of CNY 113.67 million as at December 31, 2017. For the year ended December 31, 2017, Shenzhen Boseen Automation Equipment Co., Ltd. reported revenues of CNY 142.75 million, operating profit of CNY 28.81 million and net profit of CNY 29.32 million. The Board of Directors of Sunwoda Electronic Co., Ltd, Guangdong Senssun Weighing Apparatus Group Ltd. and Guangdong Senssun Weighing Apparatus Group Ltd. approved the transaction on March 16, 2018. The transaction does not need approval from the shareholders of Sunwoda Electronic Co.,Ltd.
Guangdong Senssun Weighing Apparatus Group Ltd. (SZSE:002870) completed the acquisition of 51% stake in Shenzhen Boseen Automation Equipment Co., Ltd. from Liu Haitian, Liu Hailong, Chen Xiaochun, Sunwoda Electronic Co., Ltd (SZSE:300207), Shenzhen High-tech Industry Investment Co., Ltd. and Guangdong Sanxin Tengsheng Equity Investment Partnership Enterprise (Limited Partnership) on March 19, 2018.
GUANGDONG SENSSUN WEIGHING APPARATUS GROUP LTD is a China-based company principally engaged in the research and development, manufacturing and sales of electronic weighing products. The Company's main products include human health scales, fat scales, kitchen scales and other household health products; electronic pricing scales, weight counting scales, cash register scales, traceability scales, spring dial scales and other commercial weighing products; as well as intelligent body fat scales , smart food nutrition scales, smart bracelets, smart baby scales, smart coasters and other smart measurement products. The Company distributes its products within domestic market and to overseas markets.
GUANGDONG SENSSUN WEIGHING APPARATUS GROUP LTD. 
