China Teletech Holding, Inc. completed the acquisition of 51% stake in Liaoning Kuncheng Education Investment Co., Ltd. from Kunyuan Yang.
June 12, 2017
Share
China Teletech Holding, Inc. (OTCPK:CNCT) entered into a share exchange agreement to acquire 51% stake in Liaoning Kuncheng Education Investment Co., Ltd. from Kunyuan Yang for CNY 0.27 million on November 15, 2016. Under the terms of transaction, China Teletech Holding, Inc. will issue 30 million new shares to acquire 51% stake in Liaoning Kuncheng Education Investment Co., Ltd. from Kunyuan Yang. As on January 3, 2017, China Teletech Holding, Inc. issued 10 million shares as deposit. Upon completion, Liaoning Kuncheng Education Investment Co., Ltd. will become subsidiary of China Teletech Holding, Inc. Kuncheng Yang, and two other individuals shall be appointed as Directors of China Teletech Holding, Inc., with Kuncheng Yang also appointed as the Chairman of China Teletech Holding, Inc.
The transaction is subject to authorizations, approvals and permits required to be obtained from or made with any third party in order to consummate the transactions, approval from shareholders of China Teletech Holding, Inc., government approval and other customary conditions. The Board of China Teletech Holding, Inc. and Liaoning Kuncheng Education Investment Co., Ltd. approved the transaction. Corporation Service Company acted as registered agent for China Teletech Holding, Inc. and Ellenoff Grossman & Schole LLP acted as advisor in the transaction.
China Teletech Holding, Inc. (OTCPK:CNCT) completed the acquisition of 51% stake in Liaoning Kuncheng Education Investment Co., Ltd. from Kunyuan Yang on June 13, 2017.
China Teletech Holding Inc. is a company engaged in the manufacture of lithium-ion polymer batteries. Substantially all of the Company's operations are located in the People's Republic of China (PRC) through its 51% equity ownership of Shenzhen Jinke Energy Development Co., Ltd. (Jinke). The Company operates its business through its subsidiary, Jinke. Jinke is primarily engaged in the manufacturing and design of batteries, including lithion-ion polymer batteries. Jinke develops and manufactures lithium-ion polymer batteries in different models and specifications for a range of products. The Company generally categorizes the lithium-ion batteries it produces as follows: small-size batteries primarily used in digital consumer electronics products, large-size batteries or high power polymer batteries, and Paper or micro batteries primarily used in portable devices. The Company's manufacturing operations are conducted in the Junxin Industrial Zone, Shenzhen, Guangdong, China.
CHINA TELETECH HOLDING, INC. 