Core tip: Further expand the China e-cigarette market and promote diversified business development. Recently, Aibo Technology Co., Ltd. announced with pleasure that the group has entered into a letter of intent with Mr. Teng Dacheng to invest in Shandong.
Further Layout in China's Electronic Cigarette Market and Promote Diversified Business DevelopmentRecently - Abbott Technology Limited is pleased to announce that the Group has entered into a letter of intent with Mr. Teng Dacheng to invest in Shandong Xingang Electronic Technology Company Limited, which will strengthen the Group's presence in the electronic cigarette market in China. strong class="keylink">e-cigarette, deepening the Group's presence in the e-cigarette market in China.
Mr. Teng Dacheng is the largest shareholder of Xingang Electronics, holding 49.9% equity interest in Xingang Electronics.
Founded in 2001 and headquartered in Weifang, Shandong Province, the PRC, Newport Electronics is principally engaged in the research, development, manufacture and sale of capacitive/digital switch type airflow sensors, disposable/rechargeable functional airflow sensors, MEMS airflow sensors, customized modules for e-cigarette controllers and e-cigarette controllers. sensors, customized modules for e-cigarette controllers, ECM microphones and MEMS sensors.
Newport Electronics is a professional acoustic equipment and MEMS sensor products total solution provider, and is a leading Chinese high-tech enterprise in the field of ECM microphone and MEMS sensor.
Newport Electronics has set up R&D centers in Singapore, Beijing, Shenzhen and Qingdao, and has reached a strategic cooperation with Chinese Academy of Sciences, Singapore Science and Technology Bureau, and Shandong University, Jilin University, to build a dual R&D platform for MEMS microphone/MEMS sensor. dozens of experts and a team of more than 40 R&D engineers.
Subject to the Group conducting financial, legal and business due diligence on Xingang Electronics and being satisfied with the results thereof, the Group intends to acquire the equity interest in Xingang Electronics held by Mr. Teng Dacheng at a price determined with reference to a valuation of not more than 20 times of the annual net profit of Xingang Electronics.
NKE intends to set up and complete the offshore red chip structure and Mr. Teng Dacheng will hold the indirect equity interest in NKE through an offshore holding company.
Upon completion of the Offshore Red Chip Structure, the Group has the right to elect to settle the Consideration by the issue of Shares, convertible bonds, promissory notes and cash or other instruments of the Company. The issue price of the Consideration Shares or the conversion price of the Convertible Bonds shall not be more than HK$0.75 per Share.
Following the Group's earlier announcement of its investment in Hangzhou Yixin Micro Technology Co., Ltd, an enterprise integrating the research and development, production and sales of constant voltage and constant power airflow sensing chips, and the appointment of Mr. Zhong Zhixiong, who possesses extensive industry knowledge and solid management experience in China's e-cigarette sector as the Co-Chief Executive Officer, Abbott Ltd. and the appointment of Mr. Chung Chi Hung as Co-CEO, Abbott Technology once again announced its intention to invest in Newport Electronics, a strong player in the e-cigarette industry in China, to prove its determination to enter the e-cigarette market in China.
The Group's multi-pronged approach to the development of related businesses will help the Group to rapidly strengthen the foundation for its future development in order to capture the golden opportunities in the industry.
Mr. T.M. Lai, Chairman and Executive Director of EberTech, said, "It is the future direction of EberTech to actively engage in diversified business development, and the e-cigarette business in the PRC will be one of the Group's business focuses.
We are very pleased to enter into a letter of intent with Mr. Teng Dacheng in relation to the investment in NKE and believe that NKE will maintain its rapid pace of development in the future, continue to grow in China's e-cigarette market, and progressively develop into a world-class electroacoustic/sensing total solution provider.
Looking ahead, we are keen to continue to identify suitable investment targets in the market with high technology and huge development potential like Hangzhou Yixin and Xingang Electronics, and adhere to the theme of promoting high-quality development, intensify the layout of China's e-cigarette circuit and promote the growth of business scale of the enterprise.
About Abbott Technology CorporationAbbbott Technology Corporation is an industry-leading industrial digitalization solution enterprise, focusing on providing 5G communication equipment and private network solutions, Xintronics IT terminal products and industry solutions, IoT products and solutions, and other products and solutions in China. industry solutions, Internet of Things (IoT) products and solutions, and industrial digitalization solutions. The business is divided into four main types, including:FLOW-wrap: break-word !important;">- Sales of Intelligent Terminal Products
- System Maintenance Service
The Group has been specializing in the Internet of Things (IoT) sector for more than 20 years, with clients from both the public and private sectors in China, such as central government agencies, large state-owned enterprises and private companies. On May 29, 2023, Eber Technology Inc. announced its investment in Hangzhou Yixin Micro Technology Co., Ltd. to enter the chip manufacturing business.
Source: IBO Technology Company Limited
