Guangdong Hotata Technology Group Co.,Ltd. signed an agreement to acquire 51% stake in Zhejiang Yonghui Electric Co., Ltd. for CNY 10 million.
April 17, 2019
Share
Guangdong Hotata Technology Group Co.,Ltd. (SHSE:603848) agreed to acquire 51% stake in Zhejiang Yonghui Electric Co., Ltd. on April 18, 2019. Guangdong Hotata Technology Group Co.,Ltd. (SHSE:603848) signed an agreement to acquire 51% stake in Zhejiang Yonghui Electric Co., Ltd. from Zhu Hongjun, Zhu Jin, Yu Song, and Zhang Xuewen for CNY 10 million on April 18, 2019. The consideration is payable in cash. Zhu Hongjun will sell 23.7% stake for CNY 4.6 million, Zhu Jin will sell 11.8% stake for CNY 2.3 million, Yu Song will sell 11.8% stake for CNY 2.3 million, and Zhang Xuewen will sell 3.7% stake for CNY 0.72 million. Guangdong Hotata Technology Group Co.,Ltd will continue to promote the progress of the project and will authorize the management to be specifically responsible for the relevant matters of the equity acquisition, including but not limited to signing relevant agreements and documents. The Board of Directors of Guangdong Hotata Technology Group Co.,Ltd. approved the transaction on April 18, 2019. The transaction does not need require approval of shareholders of Guangdong Hotata Technology.
Guangdong Hotata Technology Group Co.,Ltd. is a China-based company principally engaged in the research, development, manufacture and sale of drying racks and other household products. The Company's main products include hand drying racks, smart clothes dryers, floor drying racks and rattan racks. The Company distributes its products in domestic market, with East China as its main market.