On March 22, Ocean King Lighting announced that the company intends to purchase a 51% stake in Zhejiang Hule through a combination of issuing shares and paying cash. The transaction amount is RMB 117.3 million, of which the share consideration for this transaction is 51%. The cash consideration is 49%. The number of shares issued for the issuance of shares was 2,652,904 shares. On March 22, Ocean King Lighting announced that the company intends to purchase 51% equity of Zhejiang Hule through the combination of issuing shares and paying cash. The transaction amount is 11,73 million yuan, of which the share consideration for this transaction is 51%, and the cash consideration is 49%. The number of shares issued for the issuance of shares is 2,652,904 shares, and the issue price is not less than 22.55 yuan per share. In order to pay the cash consideration and related expenses of this transaction, the company intends to raise matching funds to no more than 10 non-public offering shares of specific targets through inquiry. The total amount of funds raised is not expected to exceed RMB 59.823 million. After the completion of the transaction, Zhejiang Hule became a holding subsidiary of Ocean King Lighting. Established in 2006, Zhejiang Hule is a military-related enterprise specializing in the development, manufacture, sales and comprehensive technical services of marine lighting. The main products of Zhejiang Hule include: fluorescent lamps for ships, explosion-proof fluorescent lamps for ships, navigation signals for ships, stainless steel incandescent lamps, explosion-proof floodlights, marine LED lamps, marine lamps and other series lamps. And related control electrical equipment. According to the announcement, Zhejiang Hule achieved operating income of 82,300,700 yuan in 2016 and a net profit of 11,161,400 yuan. As of December 31, 2016, the total assets of Zhejiang Hule was RMB 11937.82 million, and the total liabilities were RMB 91,491,700. By acquiring the target company, Ocean King will increase its variety of special environmental lighting products in the ship and increase its market share in civil and military ship-supported lighting products, in line with the strategic direction of listed companies to strengthen the development of the special environmental lighting market for the shipbuilding industry. Due to the similarity between industry and technology, it is easy to form the synergy effect between the target company and Ocean King, enriching the product line of Ocean King's special environmental lighting field, helping to expand the customer base of special environmental lighting products for ships, and constructing special environmental lighting for ships. The core competitiveness of product R&D and production has won the market share of special environmental lighting products for military products, and achieved the goal of two-way development and integration of the company's main business and new business.
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