On June 12 2020, Suzhou HYC Technology Co., Ltd.'s (hereinafter referred to as "HYC Technology", stock code 688001) registration for issuing shares was consent and approved by the China Securities Regulatory Commission, which intends to acquire assets by raising funds through the public market. This is the first completed registration regarding asset restructuring approved by the Shanghai Stock Exchange and verified by the China Securities Regulatory Commission.
According to the transaction plan, HYC Technology intends to acquire 100% of the equity of Suzhou OLYTO Automation Technology Co., Ltd. (hereinafter referred to as " OLYTO ") at RMB 1.04 billion, of which 70% of the deal will be paid by issuing shares, and the rest of 30% will be paid by cash in consideration. At the same time, HYC Technology plans to raise matching funds through the non-public offering of shares through inquiry, with a total amount not exceeding RMB 532 million.
Both HYC Technology and OLYTO belong to the intelligent equipment industry. Before this transaction, HYC Technology's flat panel display testing equipment was applied to the screen detection of consumer electronics such as smartphones and tablet computers, while OLYTO's smart assembly testing equipment was mainly used in wearable electronic products such as smart watches and wireless headphones. After the completion of this transaction, the two parties will be able to produce synergies in procurement channels, technology development, and customer resources.
As the legal adviser of HYC Technology, Llinks advises HYC Technology on landing on the Science and Technology Innovation board successful as the first company and provides professional legal services for the company's major asset restructuring project.
