Hanvon Sells 90% Stake in Intelligent Transportation Subsidiary
Netease Tech, 12/06/12
Beijing-based smart city application and information service provider EGOVA and e-reader and handwriting input peripherals manufacturer Hanvon (002362.SZ) announced in public filings today that EGOVA plans to raise RMB 104 mln to acquire a 90% share of Hanvon's wholly owned intelligent transportation systems subsidiary Beijing Hanwang Zhitong Technology. The deal will allow Hanvon to add roughly RMB 80 mln to its annual financial statements for 2012.
Hanwang Zhitong Technology was established in November 2010 with a registered capital of RMB 40 mln, 100% of it controlled by Hanvon. Hanwang Zhitong provides card-based monitoring and control systems for highway toll systems, weighing systems, automotive speeding monitoring systems, and security systems, as well as e-policing systems and car management systems for parking lots. As of October 31, 2010, Hanwang Zhitong had total assets of RMB 90.6 mln and net assets of RMB 25.46 mln.
Keywords: intelligent transportation systems EGOVA Hanwang Zhitong hardware software Hanvon 002362.SZ M&A
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