Oride re-branded on the 4th to purchase 1.53 billion acquisition of Singapore Airlines Technology

Oride announced on the evening of December 3 that the company received an approval letter from the Shanghai Stock Exchange on December 1. According to the requirements of the letter of opinion, the company organized the intermediary agencies and relevant personnel to carry out the item-by-item implementation of the questions raised in the review opinion letter, and in accordance with the requirements of the review opinion letter, the “Orient Optoelectronics Co., Ltd. Major Asset Purchase Report”, etc. The document has been revised and supplemented.

The company's stock will resume trading on December 4.

According to the plan, Orient intends to acquire 100% equity of Singapore Airlines Technology through a wholly-owned subsidiary Orient Limited in cash, at a transaction price of 1.53 billion yuan. After the acquisition, the company will extend the sapphire industry chain, and the Main Products will be extended to hard and brittle. Material cutting and polishing equipment and technical services.

Xinhang Technology specializes in the R&D, design, production and sales of special equipment for the automation and high-end processing of hard and brittle materials. It has outstanding advantages in the field of glass and sapphire processing equipment used in the consumer electronics industry represented by smart phones.

The book value of Xinhang Technology's net assets was 63.153 million yuan, with an estimated value of 1.532 billion yuan, and the evaluation value-added rate was 2325.63%. According to the performance commitment, its non-net profit for 2016 to 2018 is not less than 160 million yuan, 205 million yuan and 255 million yuan respectively.

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