Shenzhen Longood Intelligent Electric Co., Ltd cancelled the acquisition of Shenzhen Juntian Hengxun Technology Co., Ltd. from Gongqingcheng Haoxiang Investment Management Partnership Enterprise (Limited Partnership), Ningbo Meishan Bonded Port Area Fupeng Hongxiang No.7 Equity Investment Management Center (LP) and Gongqingcheng Jianrong No. 1 Investment Management Center (Limited Partnership).
July 11, 2017
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Shenzhen Longood Intelligent Electric Co., Ltd (SZSE:300543) agreed to acquire Shenzhen Juntian Hengxun Technology Co., Ltd. from Gongqingcheng Haoxiang Investment Management Partnership Enterprise (Limited Partnership), Ningbo Meishan Bonded Port Area Fupeng Hongxiang No.7 Equity Investment Management Center (LP) and Gongqingcheng Jianrong No. 1 Investment Management Center (Limited Partnership) for CNY 1.1 billion on June 19, 2017. Under the terms of the agreement, Shenzhen Longood Intelligent Electric Co., Ltd will issue 14.21 million new shares and will pay CNY 278.33 million in cash for 85.9% stake from Gongqingcheng Haoxiang Investment Management Partnership Enterprise (Limited Partnership), Shenzhen Longood Intelligent Electric Co., Ltd will issue 1.65 million new shares and will pay CNY 32.4 million in cash for 10% stake from Ningbo Meishan Bonded Port Area Fupeng Hongxiang No.7 Equity Investment Management Center (LP) and Shenzhen Longood Intelligent Electric Co., Ltd will issue 0.67 million new shares and will pay CNY 13.26 million in cash for 4.09% stake from Gongqingcheng Jianrong No. 1 Investment Management Center (Limited Partnership) in Shenzhen Juntian Hengxun Technology Co., Ltd. Shenzhen Longood Intelligent Electric Co., Ltd. plans to raise supporting funds of not more than CNY 354 million by issuing shares to not more than 5 investors, and CNY 324 million will be used for the cash considerations of the acquisition.
The transaction is subject to second approval from Board of Shenzhen Longood Intelligent Electric Co., Ltd., approval from shareholders’ of Shenzhen Longood Intelligent Electric Co., Ltd., approval from Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission and China Securities Regulatory Commission approval. On June 19, 2017, shareholders’ of Shenzhen Juntian Hengxun Technology Co., Ltd. approved the transaction. On June 20, 2017, Board of Shenzhen Longood Intelligent Electric Co., Ltd on its 11th meeting of the 2nd directorate approved the transaction. Huatai United Securities Co., Ltd. acted as financial advisor for Shenzhen Longood Intelligent Electric Co., Ltd in the transaction.
Shenzhen Longood Intelligent Electric Co., Ltd (SZSE:300543) cancelled the acquisition of Shenzhen Juntian Hengxun Technology Co., Ltd. from Gongqingcheng Haoxiang Investment Management Partnership Enterprise (Limited Partnership), Ningbo Meishan Bonded Port Area Fupeng Hongxiang No.7 Equity Investment Management Center (LP) and Gongqingcheng Jianrong No. 1 Investment Management Center (Limited Partnership) on July 12, 2017.
Shenzhen Longood Intelligent Electric Co Ltd is a company mainly engaged in research, development, production and sales of intelligent controllers for electrical appliances. The Company's products include intelligent controllers for electrical appliances, intelligent power supplies and so on. The intelligent controllers for electrical appliances are applied in household appliances, electrical tools and robots. The intelligent power supplies products include power management systems, digital inverter power supplies and plant factory management systems. The Company also provides professional lithium battery product solutions through its subsidiary, such as portable energy storage power supplies. The products are mainly used in household appliances, power tools and electric bicycles.
SHENZHEN LONGOOD INTELLIGENT ELECTRIC CO.,LTD 
