Cybernaut International (HKG:1020) unit Cybernaut Technology Development will acquire Newsbaba from CIPRUN.LTD for a little over HK$120.5 million, subject to shareholder approval, a Sunday filing with the Hong Kong bourse said.
The consideration will be settled through the issue of 1,205,334,000 shares to the seller at HK$0.10 apiece. The shares represent around 22.8% of the advanced steel flow control products business' enlarged issued share capital.
If the after-tax net profit of the target group equals or exceeds 15 million yuan, the consideration will be increased by HK$40 million, settled by the issue of an additional 400 million shares. The additional shares represent 7% of the company's enlarged issued shares.
Newsbaba indirectly owns Suzhou Niu Si Baba Technology, which enjoys the economic benefits of Beijing Niu Si Baba Intellectual Property Agency, of which it can control the directorship and voting rights of the registered equity owners.
Beijing Niu Si Baba Intellectual Property Agency is a specialized technology service platform that provides comprehensive solutions in intellectual property (IP) asset management and maintenance.
The acquisition is expected to boost the company's overall product and service offerings in its e-commerce business by integrating Beijing Niu Si Baba Intellectual Property Agency's IP expertise.
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