On August 12, 2021, the Company signed 300342.SZ a Letter of Intent to Acquire with Cai Yu, Jiang Chuan, Hu Shiwei, Zhang Dongxiang, and Wuhu Tianying Chip Technical Service Center (Limited Partnership) (collectively referred to as the "Counterparty" and "Management Team"), shareholders of Anhui Tianbing Electronic Technology Co., Ltd. (hereinafter referred to as "Tianbing Electronics" or the "Target Company").
The Company intends to acquire a total of not more than 45.28% of the equity of the Target Company held by the Counterparty by paying cash, and the Counterparty agrees to assist the Company in communicating with TusS New Materials (Beijing) Co., Ltd., TusStar (Tianjin) Venture Capital Center (Limited Partnership), Jin Chengren, He Haochi and Zhou Yulian (collectively, the "Other Shareholders"), which hold the equity of the Target Company, and strive to achieve that the Company's acquisition management team and other shareholders (collectively, the "Transferor") hold not less than 51% of the Total Target Company to achieve the holding and management of the target company, and to seek the target company and the company to achieve complementary advantages in the market, technology research and development.
It is reported that Tianbing Electronics is engaged in aerospace and defense industry, the main microwave hybrid integrated circuit and microwave system components research and development, production and sales, the main application areas of products include bullet-borne, airborne, ship-borne and ground fire control systems, etc., mainly for military research institutes, troops and universities and other customers.
The announcement said that the company intends to cooperate with Tianbing Electronics through mergers and acquisitions, with the help of the advantages of the financing channels of the listed company platform and the resource advantages of other military enterprises of the company, to achieve strategic cooperation, technical exchanges and resource sharing between the two sides, seize the opportunities for the development of the industry, build a military industry ecosystem, and achieve the rapid development of listed companies and Tianbing Electronics.