News Column

Beijing Tongtech Wholly Acquires Beijing Hugeland Tech

August 15, 2014

BEIJING, August 15, SinoCast -- Beijing Tongtech Co., Ltd. (SZSE: 300379) revealed plans to acquire the 100% stake in Beijing Hugeland Technologies Co., Ltd. through share placement and cash payment, meanwhile financing not more than 25% of the trading value through offering shares to at most five other designated investors, which will be used for cash payment.

Ended June 30, the 100% stake is estimated to be worth CNY 420.986 million, jumping 1220%.

Upon completion, Beijing Tongtech will wholly own Beijing Hugeland Technologies, jointly expanding in big data and cloud computing sectors, focusing on IT and mobile Internet technologies.

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Source: Sinocast Internet, Media & Online Services Beat (China)

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