Entering the North American market, NVC completed the acquisition of Yida (Hongkong) optoelectronics.

On the night of last (11), NVC announced that all the prerequisites for the acquisition of Yida (Hongkong) Photoelectric Technology Co., Ltd. (hereinafter referred to as the "Target Corp") under the agreement platform and formal stock purchase agreement have been reached. The acquisition was carried out in November 9, 2018 under the agreement and formal stock purchase agreement. Terms and conditions are implemented.

After the completion of the acquisition, the company held 100% stake in Target Corp, while Target Corp became a wholly owned Affiliated Companies. The financial performance of the target group will be incorporated into the group's financial statements.

It is reported that in August 30, 2018, NVC announced that it had entered into a formal stock purchase agreement with Jadestone and acquired a 100% stake in Jadestone (Hongkong) Optoelectronics Technology Co., Ltd., at a cost of RMB 890 million yuan, or it would be adjusted according to the formal share purchase agreement. The main business of the target group (Target Corp and Affiliated Companies) involves the design, manufacture and sale of LED lighting products to the North American market. The target group's profit after tax in 2016 and 2017 was 64 million 400 thousand yuan and 78 million yuan respectively.

NVC said the takeover would give the company the opportunity to enter the North American market and increase its overseas sales. In addition, when establishing business in other overseas markets, the company can also learn from the successful experience and feasible business models of the target group.

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