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Jiangsu Zongyi (600770.SH) to buy 60 percent stake in Datang Smartcard

BEIJING
2015-09-22 20:58

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The IT company Jiangsu Zongyi Co., Ltd. (600770.SH) announced on Tuesday its subsidiary in Shenzhen plans to buy a 60 percent stake in Beijing Datang Smartcard Technology Co., Ltd. from Datang Telecom Technology Co., Ltd. (600198.SH).

According to the announcement, Datang Smartcard is an enterprise of great influence in China's smartcard industry and has strong advantage in smartcard research and development.

Jiangsu Zongyi expected the procurement will help the two sides to achieve resource sharing and complement each other's advantages in aspects of technology research and development and market exploitation.

Datang Telecom expressed its intention to sell the 60 percent stake in the smartcard company as early as in August. Considering an evaluation, the stake will be sold at 96 million yuan.

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