On the evening of January 3, 2014, Derun Electronics announced that the company decided to terminate the purchase of 100% equity of Tianjin Feile Automotive Lighting Co., Ltd.
Previously, the company disclosed that on August 26, 2013, the company signed an “Equity Transfer Framework Agreement†with Chen Zailiang and Yan Xiaohong, and planned to purchase Tianjin with a net book value of not more than 2 times and a total amount of not more than 160 million yuan. 100% equity of Feile Automotive Lighting Co., Ltd.
The main business of Derun Electronics is the development, production and sales of electronic connectors, which mainly provide various connector products for home appliances (color TV, air conditioner, washing machine, refrigerator, etc.), communication, automotive and other industries. Engaged in the manufacture and sale of various precision component products and precision molds.
Derun Electronics has said that the purpose of this investment is to enlarge and strengthen the automobile industry. With the development of automotive lighting systems in the direction of automation, intelligence, environmental protection and energy saving, especially the extensive use of LED lights, the correlation and synergy with the company's main products are constantly increasing, and the company and Tianjin Feile can be Customers complement and share with the market, accelerate the introduction of existing products, enrich product categories, and enhance the company's one-stop supply capacity.
For the reason for deciding to terminate the investment, Derun Electronics said that according to the agreement, the two parties entrusted auditors, appraisers and other relevant agencies to conduct necessary due diligence, audit and evaluation work on the target company, in view of this process. In the meantime, the two sides believe that the conditions for cooperation are not yet fully mature. In order to protect the interests of both parties and investors, the two sides decided to terminate the agreement through friendly negotiation.
Derun Electronics stated that the termination of the agreement will not have a material adverse impact on the company's overall business development and profitability.
Previously, the company disclosed that on August 26, 2013, the company signed an “Equity Transfer Framework Agreement†with Chen Zailiang and Yan Xiaohong, and planned to purchase Tianjin with a net book value of not more than 2 times and a total amount of not more than 160 million yuan. 100% equity of Feile Automotive Lighting Co., Ltd.
The main business of Derun Electronics is the development, production and sales of electronic connectors, which mainly provide various connector products for home appliances (color TV, air conditioner, washing machine, refrigerator, etc.), communication, automotive and other industries. Engaged in the manufacture and sale of various precision component products and precision molds.
Derun Electronics has said that the purpose of this investment is to enlarge and strengthen the automobile industry. With the development of automotive lighting systems in the direction of automation, intelligence, environmental protection and energy saving, especially the extensive use of LED lights, the correlation and synergy with the company's main products are constantly increasing, and the company and Tianjin Feile can be Customers complement and share with the market, accelerate the introduction of existing products, enrich product categories, and enhance the company's one-stop supply capacity.
For the reason for deciding to terminate the investment, Derun Electronics said that according to the agreement, the two parties entrusted auditors, appraisers and other relevant agencies to conduct necessary due diligence, audit and evaluation work on the target company, in view of this process. In the meantime, the two sides believe that the conditions for cooperation are not yet fully mature. In order to protect the interests of both parties and investors, the two sides decided to terminate the agreement through friendly negotiation.
Derun Electronics stated that the termination of the agreement will not have a material adverse impact on the company's overall business development and profitability.
Guangzhou Ehang Electronic Co., Ltd. , https://www.ehangmobile.com