Ingenic Semiconductor Co.,Ltd. cancelled the acquisition of Beijing Shixinyuan Science + Technology Development Co., Ltd. from consortium of sellers.
November 29, 2017
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Ingenic Semiconductor Co.,Ltd. (SZSE:300223) agreed to acquire Beijing Shixinyuan Science + Technology Development Co., Ltd. from consortium of sellers for approximately CNY 360 million on November 30, 2016. The deal value will be payable in cash and stock. Under the terms of the transaction, Ingenic Semiconductor Co.,Ltd. will issue 9 million shares and approximately CNY110 million in cash. In a related transaction, Ingenic Semiconductor Co.,Ltd. signed an agreement to acquire Beijing Haowei Technology Co., Ltd. and 40.43% stake in SuperPix Micro Technology Co., Ltd. Ingenic will raise CNY 2.15 billion by issuing not more than 70,735,494 shares at CNY 30.47 per share.
During the year ended December 31, 2015, Beijing Shixinyuan Science + Technology Development Co., Ltd. reported total assets of CNY 3.9 million, net assets of CNY 2.6 million, operating loss of 0.2 million and net loss of 0.2 million. The transaction is subject to the approval of directorate and shareholders of Ingenic Semiconductor Co.,Ltd., CSRC and The Ministry of Commerce of the People's Republic of China. Transaction has been approved by the Board of Beijing Shixinyuan Science + Technology Development Co., Ltd. and Ingenic Semiconductor Co.,Ltd. on November 30, 2016. Haiji Securities Co., Ltd. acted as a financial advisor for Ingenic Semiconductor Co.,Ltd.
Ingenic Semiconductor Co.,Ltd. (SZSE:300223) cancelled the acquisition of Beijing Shixinyuan Science + Technology Development Co., Ltd. from consortium of sellers on November 30, 2017.
Ingenic Semiconductor Co.,Ltd. is a China-based company principally engaged in the research, development and distribution of microprocessor chips, intelligent video chips and integrated solutions. The Company primarily provides central processing unit (CPU) chip products, software platforms and integrated solutions. The Company's products are mainly applied in intelligent home, intelligent videos, intelligent wearable devices and biological recognition industries, among others. The Company operates its businesses mainly in domestic market.