Wednesday, May 17, 2017

Huazhang Technology will acquire two headbox suppliers in the PRC at consideration of RMB34 million

HONG KONG, CHINA–(Marketwired – May 16, 2017) – Huazhang Technology Holding Limited (“Huazhang” or the “Group”) (HKSE: 1673) is pleased to announce that, the Company and three individuals have entered into the Sale and Purchase Agreement in relation to the purchase of the Equity Interest of Hangzhou MCN and Hangzhou Haorong, headbox distributors in the PRC, and the Sunplus Contracts for an initial consideration of RMB34 million (equivalent to approximately HK$38.50 million) (subject to adjustment), which RMB9 million (equivalent to approximately HK$10.20 million) will be settled partly by cash and partly by the Company’s allotment and issue of new Shares at Completion, at an issue price of HK$2.55 per Share, at a premium of approximately 4.94% to the closing price of HK$2.43 per Share as quoted on the Stock Exchange today.

May 17, 2017 at 07:40AM