Join-In Co.,Ltd and Jiaxing Zhongwen Tianxia Investment Co., Ltd completed the acquisition of remaining 49% stake in Wingtech Communication Co., Ltd. from Lhasa Economic and Technological Development Zone Wentianxia Investment Co., Ltd, Wingtech Limited and Common Holdings Limited.
January 09, 2017
Share
Join-In (Holding) Co.,Ltd signed the equity acquisition agreement to acquire remaining 49% stake in Wingtech Communication Co., Ltd. from Lhasa Economic and Technological Development Zone Wentianxia Investment Co., Ltd, Wingtech Limited and Common Holdings Limited for CNY 1.8 billion in cash and asset swap on November 27, 2015. Join-In will swap its 70% stake in Lianyungang Joinin Real Estate Co., Ltd., 60% stake in Kunshan Tailai Jianwu Co., Ltd., 100% stake in Suzhou Crown Property Co., Ltd., 100% stake in Jiangsu Joinin Property Co., Ltd., 100% stake in Kunshan Join-in Shimao Plaza Hotel Co., Ltd., 100% stake in Jiangsu Join-In Business Management Co., Ltd. and 3.8% stake in Xuzhou Join-In Property Co., Ltd. to acquire 20.77% stake in Wingtech Communication from Lhasa Economic and Technological Development Zone Wentianxia Investment for CNY 743.57 million. Join-In will acquire 23.92% stake in Wingtech Communication from Wingtech Limited for CNY 856.48 million in cash 4.31% stake in Wingtech Communication from Common Holdings for CNY 154.22 million in cash.
Wingtech Communication reported total assets of CNY 1.84 billion, total owners’ equity of CNY 571.97 million, revenue of CNY 4.14 billion and net profit of CNY 92.31 million as of December 31, 2014. The deal is subject to approval by the shareholders of Join-In and approval of the authorized commerce department. The deal was approved by the Board of Directors of Join-In on November 30, 2015 and January 4, 2016. The deal was approved by the shareholders of Lhasa Economic and Technological Development Zone Wentianxia Investment, Wingtech Limited and Common Holdings on December 30, 2015. On January 20, 2016 the deal was approved by the shareholders of the company. Sinolink Securities Co., Ltd. acted as independent financial advisor, Llinks Law Offices acted as legal advisor and BDO China Shu Lun Pan CPAs LLP acted as accountant for Join-In (Holding) Co.,Ltd. Zhonghua Certified Public Accountants LLP acted as accountant for Wingtech Communication Co., Ltd.
Join-In (Holding) Co.,Ltd and Jiaxing Zhongwen Tianxia Investment Co., Ltd completed the acquisition of remaining 49% stake in Wingtech Communication Co., Ltd. from Lhasa Economic and Technological Development Zone Wentianxia Investment Co., Ltd, Wingtech Limited and Common Holdings Limited on January 10, 2017.
WINGTECH TECHNOLOGY CO., LTD, formerly JOIN-IN (HOLDING) CO.,LTD., is a China-based company principally engaged in the research, development and manufacture of mobile terminals and smart hardware products. The Company operates three business segments. The Electronic Equipment Manufacturing Business segment is mainly engaged in the research and manufacturing of mobile internet equipment products mainly based on smart phones. The Real Estate and Hotel Supporting Business segment is principally engaged in real estate development and operation, property management, hotel investment and hotel management. The Investment Management Business segment is principally engaged in investment management business. The Company's main products include mobile communication products and mobile communication equipment and commercial housing. The Company operates its businesses within the domestic market and to overseas markets.
Join-In Co.,Ltd and Jiaxing Zhongwen Tianxia Investment Co., Ltd completed the acquisition of remaining 49% stake in Wingtech Communication Co., Ltd. from Lhasa Economic and Technological Development Zone Wentianxia Investment Co., Ltd, Wingtech Limited and Common Holdings Limited.
WINGTECH TECHNOLOGY CO.,LTD 
