HONG KONG, Sept. 21, 2023 /PRNewswire/ — China Facts Technological know-how Improvement Restricted (CITD) (HKEX: 8178), a groundbreaking technological know-how corporation at the forefront of AI and cloud technologies, proudly announces a momentous stride in its expansion journey by means of the proposed incredibly substantial acquisition of Autosteoreoscopic 3D Restricted.
The acquisition marks a important step forward for CITD, solidifying its placement as an marketplace chief in IT methods. Below the phrases of the sale and order settlement, the Thing to consider for the acquisition totals HK$100 million. This sum will be achieved by means of the issuance of Promissory Notes with an combination principal total of HK$75,985,677.28, and the allotment and issuance of a full of 11,117,742 Consideration Shares to the Suppliers (or their nominee(s)). On completion of this transaction, Autostereoscopic 3D Constrained will changeover into an oblique wholly-owned subsidiary of CITD, even further enriching the portfolio of capabilities presented by the Group and integrating the financial final results of the Autostereoscopic 3D Minimal into the consolidated economic statements of CITD.
About Autostereoscopic 3D Confined
Autostereoscopic 3D Restricted is a trailblazer in technological progression, and specializes in the conversion of 2D written content to 3D that is relevant across a numerous range of industries.
Via strategic acquisitions, Autostereoscopic 3D Restricted has obtained 15 state-of-the-artwork patents, a testament to their dedication to innovation. These patents, encompassing each spatial picture processing and optical style and design, have a world wide existence, staying registered in a number of jurisdictions like Hong Kong, the PRC, the United States, and Good Britain. The evolution of these patents from their origins in display screen observe manufacturing to their present-day purposes in the non-fungible token (NFT) and collectibles market, exclusively in the visual display of NFTs for exhibitions and electronic artwork museums, signifies the resilience and flexibility of Autostereoscopic 3D Limited’s intellectual home.
Dr. Lee Ying Chiu, Herbert, the controlling shareholder of Autostereoscopic 3D Limited, possesses profound market intelligence and insights on the application of 3D know-how. Dr. Lee has in excess of 15 a long time of encounter in 3D technology and among the pioneers in the enhancement of 82-inches naked-eye 3D high-definition check. Dr. Lee envisaged the integration of 3D technology into everyday lives and has continued acquiring software of 3D engineering in application, and hardware such as tablets, cellular telephones and multi-screens. Aside from remaining a profitable entrepreneur, Dr. Lee is also a focused inventor. Dr. Lee is devoted to technological innovation and is an inventor of many of the patents owned by the Autostereoscopic 3D Confined.
Dr. Lee is the son of Mr. Lee Siu-lun, the founder driving Siu On Team Holdings Constrained. Siu On Group Holdings Limited is principally immersed in authentic estate investments and developments, concentrating on each the vivid markets of Hong Kong and the mainland People’s Republic of China (PRC). Dr. Lee and his household oversee a significant genuine estate portfolio exceeding HK$20 billion. Notably, Dr. Lee shares household ties with the esteemed Dr. Lee Shau Kee. Dr. Lee Shau Kee is the previous chairman and at this time serves as an govt director at Henderson Land Advancement Enterprise Constrained, a distinguished authentic estate conglomerate at the forefront of Hong Kong’s house sector.
Leveraging their sector know-how, technological prowess, and loaded intellectual homes, Autostereoscopic 3D Restricted is poised to produce an substantial suite of condition-of-the-artwork products and services. These services span numerous domains which include 3D animation, 3D content generation, and ground breaking glasses-cost-free 3D purposes, all harnessed through the software of autostereoscopic 3D imaging technological innovation.
Daniel Wong, Chairman and CEO of CITD, highlighted the strategic importance of this acquisition, stating, “CITD’s dedication to providing top-tier IT alternatives in Hong Kong and beyond stays unwavering. Ought to the acquisition be accredited in the EGM, we think that the integration of Autostereoscopic 3D Limited’s state-of-the-art technologies, primarily in the realm of autostereoscopic 3D, aligns seamlessly with our eyesight of improving the high-quality and effectiveness of our IT solutions. This acquisition signifies a bold step in direction of consolidating our management in the IT answers business.”
This acquisition echoes CITD’s strategic intent to fortify its field foothold by way of astute acquisitions and synergistic partnerships. The synergy expected concerning CITD and Autostereoscopic 3D Limited is set to usher in a new era of reducing-edge IT answers, positioning the Group at the forefront of technological innovation-pushed innovation.
For extra information about CITD and its most current developments, make sure you check out www.citd.com.hk.
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About China Info Technological know-how Development Limited (CITD – 8178.HK)
China Information Technology (CITD – 8178.HK) is a business listed on GEM of the Hong Kong Stock Trade and owns two subsidiaries – DataCube and Macro Methods. The business of the group is predominantly furnishing integrated internet marketing synthetic intelligence (AI) answers, major knowledge analytics, cloud technology, technique integration expert services and data storage to shoppers across distinctive industries in Asia.
To master extra about CITD, remember to go to www.CITD.com.hk