November 05, 2015 – Yangzhou Yangjie Electronic Technology Co., Ltd. (SZSE:300373) and Yangjie Electronic Technology (Hong Kong) signed a letter of intent to acquire Shenzhen MCC and Caswell Industries Limited from Wang Rongying and Wnag Weiding for $25 million (CNY 150 million) on June 11, 2015. Yangzhou Yangjie Electronic Technology Co., Ltd. (SZSE:300373) signed an agreement to acquire Shenzhen MCC and Caswell Industries Limited from Wang Rongying and Wnag Weiding for $13.6 million (CNY 87.4 million) on August 24, 2015.
Yangzhou Yangjie Electronic Technology will acquire Shenzhen MCC and Yangjie Electronic Technology (Hong Kong) will indirectly acquire a 100% stake in MCC USA and Taiwan MCC via acquiring a 100% stake in Caswell Industries Limited. Wang Rongying will sell 100% stake in Caswell Industries Limited and Wnag Weiding will sell 100% stake in Shenzhen MCC.
Caswell Industries Limited reported total assets of CNY 59.83 million, net liabilities of CNY 27.79 million, revenues of CNY 148.63 million, operating and net loss of CNY 12.87 million in 2014. Shenzhen MCC reported total assets of CNY 15.49 million, net assets of CNY 3.15 million, revenues of CNY 38.11 million, operating profit of CNY 0.06 million and net profit of CNY 0.02 million in 2014. The Board of Yangzhou Yangjie Electronic Technology Co., Ltd. approved the acquisition on August 24, 2015. Yangzhou Yangjie Electronic Technology Co., Ltd. completed the acquisition of Shenzhen MCC on August 28, 2015. The conversion was done through www.oanda.com as on June 11, 2015 and August 24, 2015.
Yangzhou Yangjie Electronic Technology Co., Ltd. (SZSE:300373) and Yangjie Electronic Technology (Hong Kong) completed the acquisition of Shenzhen MCC and Caswell Industries Limited from Wang Rongying and Wnag Weiding on November 6, 2015.