Jiangsu Wutong Communications Co.,Ltd. agreed to acquire Shanghai BroadMobi Communication Technology Co., Ltd from Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan, Lai Huayun, and other seller for approximately CNY 170 million.
February 03, 2013 at 11:00 pm EST
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Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) agreed to acquire Shanghai BroadMobi Communication Technology Co., Ltd from Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan, Lai Huayun, and other seller for approximately CNY 170 million on February 2, 2013. Yang Rongsheng is selling 7.02% stake, Wang Yong is selling 7.02% stake, Li Erdong is selling 7.02% stake, Li Guochao is selling 1.75% stake, Wang Shoushan is selling 1.32% stake and Lai Huayun is selling 0.87% stake. Jiangsu Wutong will issue up to 3.38 million A shares to Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan and Lai Huayun, to acquire a combined 25% stake and will also issue up to 7.72 million A shares and CNY 30 million to acquire remaining 75% stake from other seller. On February 2, 2013, Jiangsu Wutong Communications Co., Ltd.'s Board of Directors and Supervisors approved the transaction. As on July 5, 2013, the China Securities Regulatory Commission approved the transaction.
On March 24, 2013, Broadmobi Communication held its shareholders' meeting and the transaction was approved. Soochow Securities Co., Ltd. acted as financial advisor, Grandall Law Firm (Shanghai) acted as legal advisor and BDO China Shu Lun Pan CPAs Co., acted as accountant to Jiangsu Wutong Communications Co.,Ltd.
Wutong Holding Group Co Ltd, formerly Jiangsu Wutong Communications CO., LTD, is mainly engaged in the manufacture and distribution of wireless communication radio frequency (RF) connection systems and mobile terminal products. Its wireless communication RF connection systems include RF connecting devices, connection structures and passive devices. Its optical fiber connecting products include optical fiber connectors, optical splitters and couplers, optical fiber distribution frames, fiber boxes and others. The Company also provides antennas, coaxial cables, mobile terminal products and others. The Company distributes its products within domestic market and to overseas markets.
Jiangsu Wutong Communications Co.,Ltd. agreed to acquire Shanghai BroadMobi Communication Technology Co., Ltd from Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan, Lai Huayun, and other seller for approximately CNY 170 million.
WUTONG HOLDING GROUP CO., LTD. 
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