On June 19, 2023, Sansec announced the "Announcement on Asset Acquisition" stating its intention to acquire 66.9349% of the shares of Jiangnan Keyou for a total of 20,749,820 shares, using its own funds amounting to RMB 151,172,479.
Following the promulgation of the "Password Law" and the revision of the "Regulations on the Administration of Commercial Cryptography," China's regulatory framework for cryptography has been continuously improving. The development of the commercial cryptography industry has entered the fast lane. In order to seize the opportunities in the commercial cryptography industry and enhance the company's competitiveness and sustained profitability, the company has decided to acquire 66.9349% of the shares of Jiangnan Keyou after comprehensive consideration, aiming to improve resource integration capabilities and leverage synergies.
Upon completion of this transaction, Jiangnan Keyou will become a wholly-owned subsidiary of Sansec.
http://www.sse.com.cn/assortment/stock/list/info/announcement/index.shtml?productId=688489