(Yicai Global) March 19 -- Guangdong SACA Precision Manufacturing Co. plans to absorb an e-commerce firm for between CNY1.5 billion (USD246 million) and CNY2 billion, and has suspended trading while it undergoes a major asset restructuring.
The company has penned a deal to buy all of Shenzhen Zebao E-Commerce Co., it said in a statement.
Zebao transformed from a traditional foreign trader to a cross-border e-commerce firm in 2007, signing up with Amazon.Com Inc.’s North American site the following year. It began to develop its own brands in 2012 and signed up with Amazon Japan in 2013, and now operates on various platforms, including eBay Inc.’s main site. Zebao owns the brands RAVPower, TaoTronics, HooToo and Uspicy.
The firm was valued at just over CNY1.2 billion in June when lighting manufacturer Cnlight Co. planned to buy 3.33 percent of the company for CNY40.5 million.
SACA research and creates multi-function precision metal fittings, such as hinges, and offers related services. It didn’t disclose how the deal would impact its business.