China Business News, 1/16/09
IT products retailer Hisap Corporation has achieved a back-door listing through sale of its shares to Shanghai-listed consumer electronics manufacturer Jiangsu Hongtu High Technology (Hiteker) (600122.SH). Hiteker privately issued 125 mln of its shares to a consortium that includes Hisap stakeholder Sanpower Group Corporation, ChinaAMC, the Southern Fund and 9 select investors for RMB 892.5 mln in cash and other assets.
Sanpower Group used its 34.31% stake in Hisap Corporation, its 60% stake in Beijing Hisap and its 63.82% stake in Zhejiang Hisap to purchase its stake in Hiteker, and as a result, Hisap has now become a wholly-owned subsidiary of Hiteker, and has effectively achieved a back-door listing. Hiteker's primary business will now shift focus towards the IT product retail sector.
At the end of 2008, Hisap had 176 IT retail outlets and plans to open 40 new outlets in 2009.