Brief: Chanjet Information Technology Co and Yonyou entered into disposal agreement

Chanjet Information Technology Co

21/10/2016 09:52

Oct 21 (Reuters) - Chanjet Information Technology Co Ltd 
 1588.HK  
    * Expected that it will continue to record loss for 2016 
    * Company and yonyou entered into disposal agreement on 21 
october 2016 
    * Company, Yonyou and Chanjet Payment entered into capital 
increase agreement 
    * Yonyou has conditionally agreed to make capital 
contribution to chanjet payment unilaterally in amount of 
RMB100mln 
    * Pursuant to agreement, payment service business shall be 
excluded from scope of restricted business under non-competition 
agreement 
    * Yonyou has agreed to acquire, sale interest,  at 
consideration of RMB195.6 million 
    * Group is expected to record an unaudited profit of 
approximately RMB179.24 million as a result of disposal and 
capital increase 
    * Net proceeds from disposal and capital increase is 
expected to be approximately RMB182.37 million 
 
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