China Innovation acquires LED new light source project with 60 million acquisition

China Innovation Investment announced that it will acquire 60% of the equity interest in Zhongtu at a total consideration of RMB 40 million and will issue RMB 800 million of the Consideration Shares at RMB 0.05 per share, representing approximately 13.4% of the enlarged issued share capital. In addition, the company acquired a 31% stake in Sun by 20 million yuan, and issued 400 million shares of the consideration at the same issue price, accounting for approximately 7.18% of the enlarged issued share capital. China's innovation investment resumed trading this morning.

The company is mainly engaged in LED backlighting and lighting technology using energy-saving new light sources. It is engaged in research, design, production and sales of LED new light source products for military and civilian use in the Mainland. Sun's main business is to develop, produce and sell new energy and high-capacity energy storage batteries for military and civilian use. The issue price of 0.05 yuan per share is about 19.35% discount to the closing price before the suspension.

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