Ningbo Cultural Tourism Investment Group Co., Ltd. and Hangzhou Tianmai Network Co., Ltd. completed the acquisition of 55% stake in Zhejiang Yokelight Engineering Co., Ltd. from Shenzhen Minkave Technology Co., Ltd..
June 29, 2021
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Ningbo Cultural Tourism Investment Group Co., Ltd. and Hangzhou Tianmai Network Co., Ltd. entered into an agreement to acquire 55% stake in Zhejiang Yokelight Engineering Co., Ltd. from Shenzhen Minkave Technology Co., Ltd. (SZSE:300506) for approximately CNY 280 million on June 28, 2021. Ningbo Cultural Tourism will pay CNY 244.8 million and Hangzhou Tianmai Network will pay CNY 35.7 million. Post the transaction, Ningbo Cultural Tourism will hold 48% stake, Hangzhou Tianmai will hold 7% stake and Shenzhen Minkave will hold no stake in Zhejiang Yokelight Engineering. As of March 31, 2021, Zhejiang Yokelight Engineering had total assets of CNY 435.225 million and net assets of CNY 278.642 million. For the period end date December 31, 2020, Zhejiang Yokelight Engineering had net profit of CNY 34.181 million. Transaction has been approved by Board of Directors of Shenzhen Minkave Technology.
Ningbo Cultural Tourism Investment Group Co., Ltd. and Hangzhou Tianmai Network Co., Ltd. completed the acquisition of 55% stake in Zhejiang Yokelight Engineering Co., Ltd. from Shenzhen Minkave Technology Co., Ltd. (SZSE:300506) on June 30, 2021.
Shenzhen Minkave Technology Co., Ltd. is a China-based company principally engaged in lighting system engineering business. The Company is mainly engaged in lighting engineering design, lighting product development, production and sales, as well as energy performance contracting (EPC) business. The Company's main products include light-emitting diode (LED) display screens, solar energy photovoltaic systems, street lamps and lamp posts and LED and other lighting products, such as LED wall washer lights, LED spot lights, LED strips and LED tubes. The Company distributes its products in domestic market.
Ningbo Cultural Tourism Investment Group Co., Ltd. and Hangzhou Tianmai Network Co., Ltd. completed the acquisition of 55% stake in Zhejiang Yokelight Engineering Co., Ltd. from Shenzhen Minkave Technology Co., Ltd..