Glonghui December 14|Yaoxing Technology Group (08446.HK) announced that on December 14, 2023, the company (as the buyer) signed a memorandum of understanding with Hunan Wanbang Xiangfa Trading Group Co., Ltd. (“Wanbang Xiangfa”). According to this, the company plans to acquire Wanbang Xiangfa's shares through capital injection or equity transfer.
According to reports, Wanbang Xiangfa is a company founded in China and located in Changsha, Hunan. It mainly provides financial advice on debt restructuring for individuals and small businesses; business advice on reducing inventory accumulation issues; and advice and services for the Internet of Things (such as the Internet of Things for agricultural products).
The board of directors believes that the proposed transaction under the Memorandum of Understanding (if implemented) will expand the scope of the Group's business and broaden its revenue sources, is beneficial to the long-term development of the Group, and therefore conforms to the overall interests of the Company and its shareholders.