Estun Automation completes sale of associate company stake

Nanjing Estun Automation Co., Ltd. (Estun Automation) announced progress in the transfer of equity in its associate company, Yangzhou Shuguang Optoelectronic Automation Co., Ltd. (Yangzhou Shuguang). As approved by its board, Estun Automation's subsidiary, Nanjing Dingkong Electromechanical Technology Co., Ltd. (Dingkong Electromechanical), along with Shuguang Lanfengqi (Nanjing) Technology Partnership, signed an equity transfer agreement with Wuxi XinHongye Cable Technology Co., Ltd. (XinHongye). Under the agreement, XinHongye would acquire 62% of Yangzhou Shuguang's equity for 316.2m yuan.

Dingkong Electromechanical’s 48% stake in Yangzhou Shuguang was valued at 244.8m yuan. Recently, Dingkong Electromechanical received 101.622m yuan as the first installment of the equity transfer payment, in addition to a previously received deposit of 23.2258m yuan. This brings the total received by Dingkong Electromechanical to 124.848m yuan, representing 51% of the total transaction price for its stake.

Following the receipt of payments, Yangzhou Shuguang has completed the industrial and commercial change registration procedures for this equity transfer. As a result, Dingkong Electromechanical no longer holds any equity in Yangzhou Shuguang.