Ninestar continues with acquisitions
May 14, 2020
Slowly and surely Ninestar has been investing in other companies and has recently announced the share buyout of three more companies.
On 1 March, Ninestar announced its plans to purchase the remaining share equity of Tuojia Technology (Topjet), Zhuhai Xinwei Technology (Kingway) and Zhuhai Zhongrunjingjie Printing Technology (Ink-Tank). In each case the remaining share equity is 49%.
The value of the transactions is reported as 214 million yuan ($30.1 million / €27.9million) for Topjet, 196 million yuan ($27.6 million / €25.6 million) for Kingway and 125 million yuan ($17.6 million / €16.3 million) for Ink-Tank. The value will be paid by issuing shares in Ninestar Corporation.
All three companies are reported to be in the business of development, production and sales of printing consumables such as toner cartridges and ink cartridges with strong overseas markets. Topjet exports account for 90% of their total revenues, Ink-Tank exports account for 70% of total revenues and Kingway exports account for 60% or revenues.
Ninestar is reported to have said that through the acquisition of the remaining equity of the target company, the listed company can further consolidate the horizontal integration of the industrial chain, expand its production capacity while consolidating its market position in the field of printing consumables sales, with a richer product series.
The above story was translated into English from the original story written by Zhuomu and first published in Chinese on chinaIPO.com.
Categories : City News
