Following a board meeting held on 26 November 2018, the company has revealed that its directors have decided to sign an investment agreement regarding the equity acquisition of Zhuhai Yingxin Technology Co., Ltd.
According to Ninestar, the signing of this agreement is a means of strengthening the company’s “business backbone” and will aid Ninestar in its pursuit of “sustainable and healthy development”.
At the 28th meeting of the company’s 5th Board of Directors, on 26 November, Ninestar’s leadership team made the decision to acquire a minority shareholder’s equity of Zhuhai Yingxin Technology Co., Ltd. Zhuhai Yingxin Technology is a subsidiary of Zhuhai Apex Microelectronics Co., Ltd, with its current “shareholder structure” giving Apex Microelectronics 55 percent equity.
As a result of Ninestar’s Board opting to sign the equity acquisition agreement, the company will “gradually acquire a 5 percent equity interest”, following a transaction of RMB5 million ($718,989/€636,944).
Ninestar explains that this transaction “does not constitute a major asset reorganisation” and says that “part of the equity transfer consideration can be paid by way of issuing shares.”
