(Yicai Global) Sept. 8 -- Wuhu Token Science Co. [SZA:300088] will acquire a stake in an automotive electronics producer listed on China's New Third Board (NTB), in a bid to enter the smart new energy car industry.
The company said today it plans to buy a combined 7.290016 percent stake in Wuhu Hongjing Electronics Co. [NTB:832857]. It will acquire a 5.176968 percent stake from Wuhu Yinhu Industrial Co. for CNY21,511,000, and a 2.113048 percent stake from Wuhu Yinhu Technology Venture Investment Co. for CNY8.78 million.
The acquisition will help the company become a leading solutions provider in network-based smart automotive electronics, deepen the vertical integration of its industry chain in smart new energy automotive electronics and the Internet of vehicles, and prompt synergies between it and Wuhu Hongjing Electronics.
Wuhu Token Science mainly engages in production of upstream key basic materials for the panel display industry. Wuhu Hongjing Electronics mainly focuses on vehicle-body electronics, new energy automotive electronics and liquid-crystal light-transmission display controls.