Tianjin Jingwei Huikai Optoelectronic Co., Ltd. agreed to acquire Changsha Success Display Technology Co., Ltd. from Shenzhen Success Electronics Co., Ltd for CNY 44.4 million.
September 10, 2019
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Tianjin Jingwei Huikai Optoelectronic Co., Ltd. (SZSE:300120) agreed to acquire Changsha Success Display Technology Co., Ltd. from Shenzhen Success Electronics Co., Ltd (SZSE:002289) for CNY 44.4 million on September 9, 2019. An agreement was signed on September 10, 2019. 10% of the price will be paid within one day since approval from the shareholders' meeting of all parties involved. The extant price will be paid within 1 day since completion of delivery of underlying equity. For the year ended December 31, 2018, Changsha Success Display Technology Co., Ltd. reported operating revenue of CNY 177 million, operating loss of CNY 70.1 million and net loss of CNY 70.8 million. As of December 31, 2018, Changsha Success Display Technology Co., Ltd. reported total assets of CNY 397 million and net liabilities of CNY 2.5 million. The transaction needs approval of shareholders of Tianjin Jingwei Huikai Optoelectronic Co., Ltd. and Shenzhen Success Electronics Co., Ltd. If required, the deal will subject to procedures required by the Shenzhen Stock Exchange. On September 9, 2019, the Board of Directors of Tianjin Jingwei Huikai Optoelectronic Co., Ltd. approved the deal.
Jiang Yu of Huatai United Securities Co., Ltd. acted as financial advisor, Zhang Xuebing of Zhong Lun Law Firm acted as legal advisor and Huang Jinhui of Reanda Certified Public Accountants Co., Ltd. acted as accountant for Tianjin Jingwei Huikai Optoelectronic Co., Ltd. Zhao Jiping of Zhongwei Zhengxin (Beijing) Assets Appraisal Co., Ltd. acted as asset assessor.
Tianjin Jingwei Huikai Optoelectronic Co Ltd is a company mainly engaged in research and development, production and sales of touch display products. The Company's products are comprised of touch displays, electromagnetic wires and reactors. The touch displays products include liquid crystal display modules, touch display modules and protection screens, which are applied in automotive displays, medical equipment, industrial control, consumer electronics and other areas. The electromagnetic wires products include film covered wires, aluminum wires and copper wires, which are used in electrical equipment, household appliances and communications. The Company sells its products in both domestic and international markets, including the United States and Europe.