Suzhou Secote Precision Electronic Co., Ltd. signed a letter of intent to acquire 51% stake in Wuxi Changding Electronics Co., Ltd. from Chen Nengqiang, Ge Pengju, Zhu Caifei and Yu Yonggao for CNY 61.2 million.
June 31, 2018
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Suzhou Secote Precision Electronic Co., Ltd. (SHSE:603283) signed a letter of intent to acquire 51% stake in Wuxi Changding Electronics Co., Ltd. from Chen Nengqiang, Ge Pengju, Zhu Caifei and Yu Yonggao for CNY 61.2 million on May 30, 2018. Chen Nengqiang will transfer 37.74% stake, Ge Pengju will transfer 7.14% stake, Zhu Caifei will transfer 4.59% stake and Yu Yonggao will transfer 1.53% stake. The consideration will be paid with the own funds of Suzhou Secote Precision Electronic Co., Ltd. and loans. For the year ended December 31, 2017, Wuxi Changding Electronics Co., Ltd. reported operating revenue of CNY 37 million and net profit of CNY 7.9 million. As of December 31, 2017, Wuxi Changding Electronics Co., Ltd. reported total assets of CNY 28.9 million and net assets of CNY 8.1 million.
Suzhou Secote Precision Electronic Co Ltd is a company engaged in research and development, design, production and sales of intelligent manufacturing equipment and provision of related technical services. The Company's products are mainly comprised of automated equipment, fixtures and jigs, including small size tag labeling machines, bearing pressing equipment, automatic footwear glue pressing machines and so on. The products are used in a range of areas, including the new energy vehicle, semiconductor, lithium battery and consumer electronic, such as smartphones, tablets and laptops.
Suzhou Secote Precision Electronic Co., Ltd. signed a letter of intent to acquire 51% stake in Wuxi Changding Electronics Co., Ltd. from Chen Nengqiang, Ge Pengju, Zhu Caifei and Yu Yonggao for CNY 61.2 million.
SUZHOU SECOTE PRECISION ELECTRONIC CO.,LTD 
