Nanjing Huadong Electronics Information & Technology Co., Ltd. (SZSE:000727) agreed to acquire an additional 3.86% stake in TPV Technology Limited from Innolux Corporation (TSEC:3481) for approximately CNY 580 million on November 2, 2020. As per terms, Nanjing Huadong Electronics Information & Technology Co., Ltd. will acquire 90.3 million shares at CNY 6.40 per share. As per terms of the consideration, CNY 290.6 million will be paid within 30 working days upon stock settlement or before December 31, 2020 and remaining CNY 287.3 million will be paid before December 31, 2021 after deduction of necessary taxes and expenditures.

Upon completion, Innolux Corporation holds 60.2 million shares representing 2.57% stake in TPV Technology Limited. The transaction is subject to statutory approvals from the relevant authorities. Mengta Wu of Crowe (TW) acted as an accountant for Innolux Corporation.