(Yicai Global) Dec. 26 -- Japanese optical precision equipment maker Olympus will transfer all the shares in its unit Olympus (Shenzhen) Industrial to Shenzhen YL Technology for an estimated price of JPY30 billion (USD271.8 million), Olympus said in a statement on its website yesterday. It said it will include the transaction income in the fiscal report of March 2020.

The two sides have reached an agreement and the delivery date was set between April and August next year.

Shenzhen YL Technology was established in 2007. Its legal person is Zeng Jianuo. The company is wholly-owned by Qushui Geli Venture Capital, which is owned by Liu Xiang, the founder of XGD, the Paper reported today.

Founded in 2001, XGD achieved Growth Enterprise Market listing at the Shenzhen Stock Exchange in October 2010. It mainly engages in production, research and development, sales and leasing of software and hardware of electronic payment terminal equipment focusing on point of sales machines. Liu Xiang holds 28.87 percent of shares in XGD and is the largest shareholder. Shenzhen YL Technology was originally a wholly-owned subsidiary of XGD, but in early 2018, XGD sold Shenzhen YL Technology to Shenzhen-based MUP Industrial for a price of CNY143 million (USD20.8 million). Liu Xiang's Qushui Geli Venture Capital then took over YL Technology from MUP.

Olympus (Shenzhen) Industrial was formed in 1991 with registered capital of USD70.1 million and was wholly-owned by Olympus's Chinese unit, the company's industry and commerce registration data revealed.

The Shenzhen plant's main business is digital camera and lens manufacturing and it stopped production in May 2018, according to an Olympus statement.

With smartphones becoming popular, the digital camera market shrunk dramatically, Olympus had said then, greatly reducing the Shenzhen plant's productivity. On the other hand, the plant was in operation for 26 years, and its equipment had worn out, hurting its competitiveness.