Tus International "gives up" control of Suzhou Zhihua

Recently, Tus-International, the largest single controlling shareholder of Suzhou Zhihua Automotive Electronics Co., Ltd. (hereinafter referred to as "Suzhou Zhihua"), announced the sale of its 24.7538% equity at a transfer price of RMB 136 million, with an overall valuation of approximately RMB 549 million, an increase of 37.59% compared to the previous round of valuation. In 2014, due to the continuous losses of Suzhou Zhihua, Asia Pacific Technology transferred its 75% equity in its holding subsidiary Suzhou Zhihua for RMB 16.5 million. Subsequently, another listed company, Jingu Co., Ltd. (002488), invested RMB 20 million in Suzhou Zhihua in 2015 and held a 10% stake in Suzhou Zhihua, which was valued at approximately RMB 200 million at the time. Since then, Tus-International, a Hong Kong-listed company, has acquired or increased its capital in Suzhou Zhihua several times. As of the end of last year, it held a total of 44.7538% of Suzhou Zhihua's equity, making it the largest single shareholder. According to the latest 2020 annual report data, Suzhou Zhihua achieved revenue of 291 million Hong Kong dollars last year, and the revenue for 2019 was adjusted to 276 million Hong Kong dollars; it achieved a profit of 2.383 million Hong Kong dollars, and the profit for 2019 was adjusted to 2.128 million Hong Kong dollars.