Tianjin Huatianli Trading Co., Ltd. completed the acquisition of 47.4% stake in SpreadZoom Technologies Co. Ltd. from ZOOM Technologies, Inc.
August 27, 2014 at 05:00 am
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Tianjin Huatianli Trading Co., Ltd. entered into a share transfer agreement to acquire 47.4% stake in SpreadZoom Technologies Co. Ltd. from ZOOM Technologies, Inc. (NasdaqCM:ZOOM) for approximately CNY 20 million on May 14, 2014. Pursuant to the agreement, the final purchase price for will be agreed upon at a later date upon the completion of a third party appraisal. In connection with the proposed transaction, on May 6, 2014, Huatianli paid ZOOM a refundable deposit of CNY 2 million.
For the year ended December 31, 2013, SpreadZoom reported total assets of $24.37 million (CNY 148.91 million), total liabilities of $9.35 million (CNY 57.15 million), net asset value of $15.02 million (CNY 91.76 million), net revenues of $66.92 million (CNY 408.91 million), operating loss of $2.23 million (CNY 13.64 million), loss before tax of $2.18 million (CNY 13.31 million) and net loss of $2.18 million (CNY 13.31 million). The closing is subject to certain closing conditions, including the determination and payment of a final purchase price. The agreement is subject to termination in the event that the parties fail to agree on a final purchase price. The conversions were done through www.oanda.com as on December 31, 2013.
Tianjin Huatianli Trading Co., Ltd. completed the acquisition of 47.4% stake in SpreadZoom Technologies Co. Ltd. from ZOOM Technologies, Inc. (NasdaqCM:ZOOM) on June 11, 2014.
Zoom Technologies, Inc. (Zoom) is a holding company and owns subsidiaries, primarily engaged in technology and communications businesses in China. The Company owns Gold Lion Holding Limited, and through it, owns 100% of Profit Harvest Corporation Ltd, which further owns 100% of Celestial Digital Entertainment, Ltd., a mobile platform video game development company. The Company, through Gold Lion's wholly owned subsidiary, Jiangsu Leimone Electronics Co. Ltd (Jiangsu Leimone), owns 80% of Tianjin Tong Guang Group Digital Communication Co., Ltd (TCB Digital). Both TCB Digital and Jiangsu Leimone are in the business of manufacturing, research and development, and sales of electronic components for third generation mobile phones, wireless communication circuitry, GPS equipment, and related software products.