ALD Group Limited and Veken Technology Enter into Share Acquisition Agreement

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Jun 05, 2019, 23:07 ET

SHENZHEN, China, June 5, 2019 /PRNewswire/ -- ALD Group Limited ("ALD"), a Shenzhen-based global leader in the research, development and manufacturing of electronic atomizers, announced the signing of a share transfer and subscription agreement with Veken Technology (SHA: 600152), whereby ALD will transfer 10 percent of its stake to Veken Technology for 100 million yuan (approx. US$14 million) on June 4, 2019. The deal was approved during the 19^th Session of the 9^th Veken Technology Board of Directors meeting.

ALD is a leading global high-tech firm specializing in the research and application of electronic atomization technology, with business covering electronic nicotine delivery systems (ENDS), inhaled medical vaporizers (IMV) and heat-not-burn devices (HnB). Since its establishment in 2009, the company has been deeply rooted in the industry and implemented an R&D- and innovation-driven growth strategy. As a result, ALD delivers an international business system that serves the world from its development and manufacturing base in China. ALD's technical prowess has made it possible for the firm to form solid strategic partnerships with leading global tobacco companies and well-established international brands, including British American Tobacco/Reynolds American, ITC Limited, Canopy Growth, iKrusher and STIIIZY.

Veken Technology is a China A share market-listed technology firm engaged in the R&D, manufacturing, marketing and service of lithium-ion batteries for the renewable and sustainable energy sectors with a focus on 3C digital battery and power battery segments. Veken Holding Group Co., Ltd., the controlling shareholder of Veken Technology, is a high-tech industrial investment group with operations worth over 10 billion yuan (approx. US$1.4 billion) and continues to be named one of China's top 500 companies as well as one of China's top 500 in manufacturing for several years.

The strong alliance between ALD and Veken Technology is expected to deliver a great synergy across the industry chain. With the support of the reputable top-tier company, ALD will further optimize its supply chain and improve its overall competitiveness, while continuing to expand its presence in the global electronic atomizer market. In addition, the partnership will drive Veken Technology's profit growth in the lithium-ion battery segment and help the company improve the operational efficiency of its assets.

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SOURCE ALD Group Limited