Shenzhen Coship Electronics Co., Ltd. (SZSE:002052) signed the share transfer agreement to acquire Shenzhen Tranzda Communications Co., Ltd. from Chen Su, Wang Xiaowei and other shareholders for CNY 29.8 million on January 2, 2014. Chen Su is selling 2.85% stake and Wang Xiaowei is selling its 0.51% stake in Shenzhen Tranzda Communications. Within 30 working days after the agreement becomes effective, Shenzhen Coship Electronics must pay the 1st payment of 50% of the transfer price and within 90 days after the agreement becomes effective, Shenzhen Coship Electronics must pay the 2nd payment of 50% of the transfer price.

Shenzhen Coship Electronics will use its own funds in the acquisition. For the period ending November 2013, Shenzhen Tranzda Communications Co., Ltd. reported total assets of CNY 9.56 million, total liabilities of CNY 6.82 million, net assets of CNY 2.74 million, sales of CNY 1.22 million and net loss of CNY 1.59 million. The transaction has been approved by Board of Directors of Shenzhen Coship Electronics Co., Ltd. As of January 16, 2014, the transaction is approved by the shareholders of Shenzhen Coship Electronics.