Xinya Electronic Co., Ltd. completed the acquisition of Guangdong Zhongde Cable Co., Ltd and Suzhou Cableplus Technologies Co., Ltd from Jiangsu Zhongli Group Co.,Ltd.
December 15, 2022
Share
Xinya Electronic Co., Ltd. (SHSE:605277) agreed to acquire Guangdong Zhongde Cable Co., Ltd and Suzhou Cableplus Technologies Co., Ltd from Jiangsu Zhongli Group Co.,Ltd (SZSE:002309) for CNY 555 million on June 29, 2022. As of July 15, 2022 Xinya Electronic Co., Ltd. (SHSE:605277) signed equity transfer agreement to acquire Guangdong Zhongde Cable Co., Ltd. and Suzhou Cableplus Technologies Co., Ltd from Jiangsu Zhongli Group Co.,Ltd. The transaction has already received approval from Board of directors of Jiangsu Zhongli Group Co.,Ltd. The transaction is subject to regulatory approval, Anti trust regulations and approval of offer by Cableplus Technologies shareholders and merger agreement by cable plus board. As of September 26, 2022, The supplemental agreement has signed. Xinya Electronic will acquire 100% stake in Guangdong Zhongde Cable for CNY 468 million and 30% stake in Suzhou Cableplus Technologies for CNY 92 million. The board of Xinya Electronic has approved formal plan in 2nd directorate held on September 26, 2022. This transaction still needs to be approved by Xinya Electronic's shareholders and is subject to the concentration review of operators by the Anti-Monopoly Bureau of the State Administration for Market Regulation. Guangdong Zhongde Cable and Suzhou Cableplus Technologies has reported total assets of CNY 1.86 billion on Dec 31, 2021. As of October 17, 2022, recently State Administration for Market Regulation issued letter to Xinya Electronic according to which Anti-Monopoly Law of the People's Republic of China, after preliminary examination, it is decided that no further examination will be carried out regarding the transaction. As on October 28, 2022, Xinya Electronic Co., Ltd. completed the acquisition of 30% stake in Suzhou Cableplus Technologies Co., Ltd.
Caitong Securities Co., Ltd. acted as Independent financial advisor and Grandall Law Firm acted as legal advisor to Xinya Electronic. Pan-China Certified Public Accountants LLP acted as accountant to Guangdong Zhongde Cable Co., Ltd and Suzhou Cableplus Technologies Co., Ltd.
Xinya Electronic Co., Ltd. (SHSE:605277) completed the acquisition of Guangdong Zhongde Cable Co., Ltd and Suzhou Cableplus Technologies Co., Ltd from Jiangsu Zhongli Group Co.,Ltd (SZSE:002309) on December 16, 2022.
Xinya Electronic Co Ltd is a China-based company mainly engaged in the research and development, manufacturing and sales of fine electronic wires. The Company's main products include consumer electronics and industrial control wires, automotive electronic wires, high-frequency data wires and special wires, which are principally used in household appliances, computers, intelligent offices, industrial control equipment, automotive electronics, data servers, new energy technology and other fields. The Company distributes its products in domestic market and to overseas markets.
Xinya Electronic Co., Ltd. completed the acquisition of Guangdong Zhongde Cable Co., Ltd and Suzhou Cableplus Technologies Co., Ltd from Jiangsu Zhongli Group Co.,Ltd.
XINYA ELECTRONIC CO., LTD. 
