HONG KONG, Sept. 21, 2023 /PRNewswire/ — China Info Know-how Progress Confined (CITD) (HKEX: 8178), a pioneering engineering enterprise at the forefront of AI and cloud technologies, proudly announces a momentous stride in its development journey via the proposed pretty substantial acquisition of Autosteoreoscopic 3D Minimal.
The acquisition marks a substantial phase ahead for CITD, solidifying its situation as an field leader in IT options. Beneath the phrases of the sale and purchase agreement, the Consideration for the acquisition totals HK$100 million. This sum will be satisfied by the issuance of Promissory Notes with an combination principal volume of HK$75,985,677.28, and the allotment and issuance of a overall of 11,117,742 Thing to consider Shares to the Suppliers (or their nominee(s)). On completion of this transaction, Autostereoscopic 3D Restricted will transition into an indirect wholly-owned subsidiary of CITD, more enriching the portfolio of abilities offered by the Group and integrating the economical effects of the Autostereoscopic 3D Restricted into the consolidated financial statements of CITD.
About Autostereoscopic 3D Constrained
Autostereoscopic 3D Limited is a trailblazer in technological progression, and specializes in the conversion of 2D articles to 3D that is applicable across a assorted variety of industries.
By strategic acquisitions, Autostereoscopic 3D Constrained has acquired 15 point out-of-the-artwork patents, a testomony to their determination to innovation. These patents, encompassing both spatial image processing and optical structure, have a worldwide presence, getting registered in numerous jurisdictions such as Hong Kong, the PRC, the United States, and Fantastic Britain. The evolution of these patents from their origins in screen watch manufacturing to their existing applications in the non-fungible token (NFT) and collectibles market place, precisely in the visible display screen of NFTs for exhibitions and electronic artwork museums, signifies the resilience and versatility of Autostereoscopic 3D Limited’s mental house.
Dr. Lee Ying Chiu, Herbert, the controlling shareholder of Autostereoscopic 3D Minimal, possesses profound market intelligence and insights on the software of 3D engineering. Dr. Lee has in excess of 15 a long time of experience in 3D technology and amongst the pioneers in the improvement of 82-inches naked-eye 3D substantial-definition check. Dr. Lee envisaged the integration of 3D technology into everyday lives and has ongoing developing software of 3D know-how in software package, and hardware such as tablets, mobile phones and multi-screens. Aside from becoming a prosperous entrepreneur, Dr. Lee is also a focused inventor. Dr. Lee is focused to technological innovation and is an inventor of several of the patents owned by the Autostereoscopic 3D Minimal.
Dr. Lee is the son of Mr. Lee Siu-lun, the founder at the rear of Siu On Team Holdings Minimal. Siu On Team Holdings Confined is mostly immersed in real estate investments and developments, concentrating on both of those the vivid marketplaces of Hong Kong and the mainland People’s Republic of China (PRC). Dr. Lee and his household oversee a sizeable real estate portfolio exceeding HK$20 billion. Notably, Dr. Lee shares family ties with the esteemed Dr. Lee Shau Kee. Dr. Lee Shau Kee is the previous chairman and at this time serves as an executive director at Henderson Land Advancement Company Limited, a notable real estate conglomerate at the forefront of Hong Kong’s house sector.
Leveraging their sector abilities, complex prowess, and loaded mental homes, Autostereoscopic 3D Minimal is poised to produce an substantial suite of condition-of-the-artwork services. These services span several domains together with 3D animation, 3D material generation, and progressive eyeglasses-cost-free 3D purposes, all harnessed via the application of autostereoscopic 3D imaging technological innovation.
Daniel Wong, Chairman and CEO of CITD, highlighted the strategic significance of this acquisition, stating, “CITD’s commitment to offering top rated-tier IT methods in Hong Kong and past continues to be unwavering. Ought to the acquisition be approved in the EGM, we feel that the integration of Autostereoscopic 3D Limited’s innovative systems, in particular in the realm of autostereoscopic 3D, aligns seamlessly with our eyesight of maximizing the excellent and performance of our IT remedies. This acquisition signifies a bold stage in the direction of consolidating our management in the IT options business.”
This acquisition echoes CITD’s strategic intent to fortify its field foothold via astute acquisitions and synergistic partnerships. The synergy anticipated between CITD and Autostereoscopic 3D Confined is established to usher in a new era of slicing-edge IT remedies, positioning the Group at the forefront of know-how-driven innovation.
For additional info about CITD and its newest developments, make sure you visit www.citd.com.hk.
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About China Facts Technology Growth Limited (CITD – 8178.HK)
China Info Technology (CITD – 8178.HK) is a corporation mentioned on GEM of the Hong Kong Inventory Trade and owns two subsidiaries – DataCube and Macro Methods. The business of the group is mostly furnishing built-in marketing and advertising synthetic intelligence (AI) methods, huge info analytics, cloud engineering, process integration products and services and info storage to shoppers throughout unique industries in Asia.
To find out a lot more about CITD, please take a look at www.CITD.com.hk