Summary by Futu AI
YAOXING TECHNOLOGY GROUP CO., LTD. (THE “COMPANY”) ANNOUNCED ON 23 MAY 2023 THAT IT WILL ACQUIRE A 10% STAKE IN SHENZHEN EVOLUTION EQUATION TECHNOLOGY CO., LTD. According to the purchase and sale agreement, the initial price of RMB 4000 million was paid on 3 July 2023 and all the prerequisites were met by 30 September 2023, but completion of the transaction and payment of the remaining cost of RMB 1 million is still pending. Considering that the target company has not yet completed the relevant business registration, the initial cost is classified as “Investment related prepayments of other comprehensive income at fair value”. On 23 April 2024, the Buyers and Sellers signed a Supplementary Agreement, which extends the payment date for the remaining price to 30 March 2024 and may be further extended to 30 September 2024. As of 30 March 2024, the payment date has been postponed until 30 September 2024 due to no objections received. The Company has paid the remaining price on the date of the announcement and the announcement was made on 22 May 2024 by Chairman and Executive Director, Mr. Cui Hai-bin.