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Monday, 10 May 2021, 10:29 HKT/SGT

Yeahka's Associated Company Fushi Technology to Acquire 60% of Shenzhen Zhizhanggui Cloud Service

HONG KONG, May 10, 2021 - (ACN Newswire) - Yeahka Limited (HKG: 9923), a leading payment-based technology platform in China, announced that Shenzhen Zhizhanggui Cloud Service Co., Ltd. ("Zhizhanggui") and Shenzhen Leshou Cloud Technology Co., Ltd. ("Leshou"), both indirect wholly-owned subsidiaries, have entered into a legally non-binding memorandum of understanding with Fushi Technology (Shenzhen) Co., Ltd. ("Fushi Technology"), an associated company in which Yeahka holds an approximate 47.58% equity interest through indirect subsidiaries, regarding the potential disposal of Leshou's 60% equity interest in Zhizhanggui to Fushi Technology (the "Potential Disposal").

Based on Zhizhanggui's valuation of approximately RMB336.5 million, Leishun's potential disposal equates to a consideration of approximately RMB201.9 million, of which gains before tax are expected to realize more than RMB200 million.

Fushi Technology is an important member of Yeahka's ecosystem, expanding its merchant base and providing SaaS and other services to more than 420,000 merchants, with peak transactions over 8,380,000 as of March 31, 2021. Through the acquisition of Zhizhanggui, Fushi will obtain a cornerstone "hardware + software" standardized infrastructure and further accelerate its open-SaaS strategy by integrating established SaaS modules with offline merchants.

Not only will the historical investment in Zhizhanggui yield significant returns as the single largest shareholder, but Fushi Technology will be able to focus on asset-light, industry-agnostic SaaS solutions such as Yuehuiquan, an underlying blockchain technology-based solution that enables merchants to interact with private domain traffic.
Fushi Technology, in association with Yeahka, will continue to strengthen its SaaS portfolio, while Yeahka remains committed to establishing a commercial, digitalized ecosystem.

Yeahka Limited is a leading payment-based technology platform in China providing payment and technology-enabled business services to merchants and consumers. The Company was listed on The Stock Exchange of Hong Kong Limited in June 2020 under the stock code 09923.HK. The Company's value proposition is to create a commercial digitalized ecosystem that enables seamless, convenient and reliable payment transactions between merchants and consumers and further offer a rich variety of technology-enabled business services, including (i) merchant SaaS products, which help customers improve their operational efficiency, (ii) precision marketing services, allowing customers to effectively reach their target markets, and (iii) fintech services, which cater to customers' diverse financial needs. Visit Yeahka.com.

Topic: Press release summary

Sectors: Cards & Payments, Cloud & Enterprise
From the Asia Corporate News Network

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