Hainan Nanhaiyun Holding Co., Ltd. completed the acquisition of 7.31% stake in Hangzhou Century Co., Ltd. from Hangzhou Sichuang Ewell Group Co., Ltd.
October 20, 2021
Share
Hainan Nanhaiyun Holding Co., Ltd. agreed to acquire 7.31% stake in Hangzhou Century Co., Ltd. from Hangzhou Sichuang Ewell Group Co., Ltd. for CNY 400 million on September 21, 2021. Under the terms Hainan Nanhaiyun Holding Co., Ltd. will acquire 60.8 million shares for CNY 6.57 per share. First installment of CNY 80 million, will be paid within three working days from the date of signing the full set of transaction documents, and the second installment will be paid within three working days from the date of signing the full set of transaction documents, remit CNY 165 million to the joint account. The third installment will be paid on the premise that the reorganization of the target is completed, within four months from the completion date of the delivery or the agreement between both parties In other terms, the third installment of the purchase consideration of CNY 135 million will be paid. The fourth installment of CNY 20 million will be paid within three working days after the expiration of six months from the delivery completion. Post acquisition, Hangzhou Sichuang Ewell Group Co., Ltd. will hold 3.61% stake in Hangzhou Century Co., Ltd. Both parties confirm and agree that obligation to pay for each phase of the purchase consideration under this agreement shall be based on the premise that all the prerequisites are fulfilled. Prerequisites include-Transaction documents have been signed and become effective, Internal approval has been obtained, Representations and guarantees are settled and not misleading, No major adverse changes and defects, No major litigation or arbitration. The transaction is expected to close on October 31, 2021.
Hainan Nanhaiyun Holding Co., Ltd. completed the acquisition of 7.31% stake in Hangzhou Century Co., Ltd. from Hangzhou Sichuang Ewell Group Co., Ltd. on October 21, 2021.
HANGZHOU CENTURY CO . , LTD is a China-based company principally engaged in electronic tag business and intelligent medical business. The Company is mainly engaged in the research, development, production, distribution and provision of technical services of electronic article surveillance (EAS) tags and radio frequency identification (RFID) tags. The Company is also involved in intelligent medical business, which includes the development and sale of medical information software, hardware and systems, project implementation, the provision of technical services and project operation. The Company distributes its products in domestic market and to overseas markets.