Luyitong Chia Nan Yun Chi to terminate the acquisition plan, bitcoin field biggest acquisition sale
China manufacturer luyitong acquisition bitcoin mining Hard Suits Inc Scarlett Nan Yun Chi trading plan has been wasted.
The business is said to be because of concerns about the Shenzhen stock exchange regulators to cancel the. In June this year, according to the news that regulators have been considering whether to approve this acquisition. The listed company is the reason given by: “because of the objective situation in domestic securities market and regulatory policy changes, especially after the revision of” major asset restructuring of listed companies management approach “makes the introduction of the company to continue to promote this major asset restructuring will face great uncertainty. After careful study, in order to safeguard the interests of all parties and investors, the company decided to terminate this major asset restructuring.”
When the deal was first announced, there are some signs that there may be a problem. According to local reports, the Shenzhen stock exchange officials began to scrutinize the deal at the time. If approved, the acquisition will be bitcoin field so far the largest acquisition, the transaction involves the earliest mining hardware start-up companies in an electronics manufacturer and a publicly traded bitcoin field.
Jia Nan Yun Chi representative or a positive statement, said the company has experienced this for several months after the audit, the company will become more powerful.
Chia Nan Yun Chi CEO Zhang Nangeng (commonly known as’ pumpkin ‘) said in a statement:
“Although the company in order to complete the acquisition of a great deal of time and resources, but these efforts are not in vain. This will be beneficial to our future development. Jia Nan internal management structure more firmly, and refresh our public image, so that our products can provide reliable and efficient channels bitcoin technology solutions to the world. In addition, we will introduce our chip design technology applied to the field of artificial intelligence in the new.”
Chia Nan Yun Chi is best known for their Avalon series of bitcoin application specific integrated circuit (ASIC). The company is the first to enter the bitcoin market ASIC company, which permanently changed the pattern of competition in the direction of the bitcoin network add block. In the Finals held recently in 2016 fifth Chinese innovation competition in advanced manufacturing industry, Jia Nan Yun Chi in the final team championship, and eventually won the third place.
The company said, although the deal failed to achieve, but they still plan to launch 16nm bitcoin ASIC.
According to earlier reports, the listed company luyitong intends to 24.57 yuan / share non-public offering of 81 million 379 thousand shares, and pay 1 billion 60 million yuan in cash, the total price of 3 billion 60 million yuan ($466 million) acquisition of Chia Nan Yun Chi 100% stake in the company.