Ruian Chuangxiang Network Technology Co., Ltd completed the acquisition of 3.8% stake in Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. from Shanghai Fanyin Technology Co., Ltd.
January 20, 2021
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Ruian Chuangxiang Network Technology Co., Ltd signed the Share Transfer and Voting Rights Entrustment Agreement to acquire 3.8% stake in Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. (SZSE:300025) from Shanghai Fanyin Technology Co., Ltd. for CNY 94.8 million on September 20, 2020. Under the terms, Ruian Chuangxiang will acquire 2% stake in first phase after signing of the agreement and will acquire remaining 1.75% stake in second phase within 90 days after the completion of first phase transfer. Ruian Chuangxiang will pay CNY 15 million as refundable deposit. If transaction is terminated due to breach of contract by Ruian Chuangxiang then Shanghai Fanyin has the right not to return the refundable payment and if transaction is terminated due to breach of contract by Shanghai Fanyin then Shanghai Fanyin will return the refundable payment. On September 21, 2020, the Shanghai Fanyin Shareholders' Meeting reviewed and approved this transaction. As of September 28, 2020, the first share transfer was completed. Ruian Chuangxiang Network Technology completed the acquisition of 2% stake.
Ruian Chuangxiang Network Technology Co., Ltd completed the acquisition of 3.8% stake in Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. (SZSE:300025) from Shanghai Fanyin Technology Co., Ltd. on January 21, 2021.
Hangzhou Huaxing Chuangye Communication Technology Co.,Ltd. is a China-based company principally engaged in the provision of mobile communication network technology services, as well as the research, development, manufacture and sale of related communication network products. The Companyâs products and services include network construction, network maintenance, network optimization and related communication network testing and optimization system tools and software products. The Company also provides Internet Data Center (IDC) and cloud computing services. The Company operates its business in domestic market, mainly in East China, North China, South China and Southwest China.