FERROTEC (AN HUI) TECHNOLOGY DEVELOPMENT CO.,LTD Ferrotec (An Hui) Technology Development Co.,LTD (SZSE:301297) agreed to acquire Hangzhou Zhixin Semiconductor Co., Ltd. from Hangzhou Dahe Jiangdong New Materials Technology Co., Ltd. for CNY68 million on June 7, 2024. A cash consideration will be paid by Ferrotec (An Hui) Technology Development Co.,LTD. Ferrotec (An Hui) Technology Development Co.,LTD will pay an earnout/contingent payment of CNY 34 million cash. As part of consideration, CNY 34 million is paid towards common equity of Hangzhou Zhixin Semiconductor Co., Ltd. For the period ending December 31, 2023, Hangzhou Zhixin Semiconductor Co., Ltd. reported EBIT of CNY 15.02 million and net income of CNY 4.81 million.
As of December 31, 2023, Hangzhou Zhixin Semiconductor Co., Ltd. reported total assets of CNY 39.07 million and total common equity of CNY 33.59 million. The transaction is subject to approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been approved by the board.
