VODone Acquires Two Handset Design Houses

Hong Kong Exchanges and Clearing, 9/07/10

Chinese online video broadcasting and video advertising company VODone (0082.HK) has announced the acquisition of two handset design houses through a newly established Hong Kong joint venture company for RMB 78.4 mln. The total consideration will be settled with RMB 20 mln in cash and 28.69 mln newly issued shares.

The two companies, Bright Way Technology (Hong Kong) Limited and Shenzhen Tastech Electronic Company Limited, are handset design houses involved in handset production and testing. VODone believes the acquisition will enable the company to strengthen and enhance its mobile communications distribution channels; accelerate its development and application of new mobile handset chips and operating systems; allow it to provide one-stop service and branded handsets; and complete its mobile internet product chain.

VODone, Shenzhen Tastech shareholder Kuang Yixun, and Bright Way and Tastech shareholder Hu Zhenning will hold 70%, 17.7% and 12.3% stakes in the new joint venture, respectively.

Keywords: handset handset production wireless VODone 0082.HK mobile Internet JV M&A design house

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