Today evening, Dafu Technology announced that the company intends to purchase more than 51% of the equity of Chongqing Bailifeng Technology Co., Ltd. through the issuance of shares or payment of cash. The estimated value of 100% equity of Baili is initially determined to be RMB 1.6 billion to RMB 1.9 billion.
According to the company disclosure, Ballyfone is the largest mobile phone and smart terminal R&D and manufacturing enterprise in Chongqing. In 2017, the top 100 companies in Chongqing ranked 45. The market share has been ranked in the top ten for nearly three years. The company focuses on the research and development of smart terminals. Internet operation and the creation of smart manufacturing eco-chain industrial parks. At present, Ballyfon has formed a vertical layout of the industry chain, such as upstream panels, memory, chips and other core resources based on smart terminals. It has also expanded its ecological hardware system, such as smart hardware, smart home, and software development. In 2016, Bai Lifeng was recognized as a national high-tech enterprise by the Ministry of Science and Technology.
Dafu Technology stated that at present, the company has already signed the “Transaction Intent Framework Agreement” with the actual controller of the target company and the shareholders. The company’s shares will resume trading on the 19th.