Zhongyan Technology (SHE:003001) agreed to acquire 60% of Shenzhen Xinhuanyu Precision Technology based on the pre-money valuation of 250 million yuan, according to a Shenzhen bourse filing on Monday.
The Chinese geotechnical technology company plans will acquire equity from the founding shareholders for 64.7 million yuan, equity from the fund's shareholder for 25.3 million yuan and will raise Xinhuanyu Precision's capital by 150 million yuan.
The company's shares dropped 6% at the close.
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