Seine Obtains 66.01% Stake in Wanlida

According to Wanlida (Zhuhai Wanlida Electric Co., Ltd), the asset exchange between Wanlida and Seine (Zhuhai Seine Technology Co., Ltd.) has been approved by Chinese government. As a result, Seine will officially become Wanlida’s majority stakeholder with 66.01% of the company’s shares.

It was stated that the asset exchange has already been approved by the Review Committee for the Merger, Acquisition and Reorganization of CSRC (China Securities Regulatory Commission). Consequently, Wanlida’s stocks, which had been suspended, will resume trading from July 3, 2014.

Wanlida, a professional, high-tech enterprise in electric power automation in Zhuhai, China, became a listed company in 2007. For its major business slumped, its revenues in 2012 and 2013 declined 2.29% and 11.42% year-on-year respectively, with net profit falling 50.61% and 82.33% year-on-year respectively.

In March 2014, Recycling Times reported Apex, subsidiary of Seine, will be acquired by Wanlida and become listed on China’s stock market. After the deal, Wanlida will focus on IC (integrated circuit) design, and at the same time, Seine, will become the shareholder of Wanlida through an asset exchange which accounts for 66.01% shares.