Kuangda Technology Group gets antitrust green light for ownership change

Kuangda Technology Group announced it has received a "Decision not to implement further review in the antitrust review of concentrations between undertakings" from the State Administration for Market Regulation. This decision allows Zhuzhou Qichuang No. 1 Industrial Investment Partnership to proceed with its acquisition of Kuangda Technology Group shares without further antitrust review.

The change in control stems from an agreement where Shen Jieliang, the current controlling shareholder, agreed to transfer 411,834,831 shares, representing 28% of the company's total share capital, to Zhuzhou Qichuang. The transaction values the shares at yuan 5.39 per share, totaling yuan 2,219,789,739.09.

Following the completion of this equity change, Shen Jieliang will no longer be the controlling shareholder, with Zhuzhou Qichuang assuming this role. The ultimate control of Kuangda Technology Group will then shift to the State-owned Assets Supervision and Administration Commission of Zhuzhou Municipal People's Government. The company awaits further approvals and procedural completions.