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Home Brands ALD ALD and Veken reached a share acquisition agreement - 10% of ALD...

ALD and Veken reached a share acquisition agreement – 10% of ALD is sold to Veken now

ALD Group Limited announced that it has reached a share transfer and subscription agreement with Shanghai A-share listed company Veken Technology (600152) on June 4, 2019. ALD intends to transfer 10% of its total shares to Veken at a price of RMB 100 million. This transaction has been considered and approved by the nineteenth meeting of the board of directors of Veken Tech.

ALD is the world’s leading high-tech enterprise focusing on the research and application of electronic atomization technology. Its business covers different fields such as electronic nicotine delivery system (ENDS), inhalation medical vaping devices (IMV) and heat not burn products (HnB). Since its establishment in 2009, ALD has been deeply rooted in the industry, driven by R&D and innovation, and gradually formed an international business system with the R&D and manufacturing center in China, serving the global customers. With strong technical strength, ALD has established a solid strategic partnership with the world’s top tobacco companies and many well-known international brands (British American Tobacco/American Reynolds, Indian Tobacco, Canopy Growth, iKrusher, STIIIZY, etc.).

Veken Technologies is a A-share listed company with new energy lithium batteries as its main business. And its core business are3C digital batteries and power batteries. It is a leading new energy technology enterprise integrating research, development, manufacture, sales and service of lithium-ion batteries. The shareholder of Veken Technology is Veken Holding Group Co., Ltd. It is a high-tech industrial investment group with a scale of 10 billion. And it has won the honors of China’s Top 500 Enterprises and China’s Top 500 Enterprises in Manufacturing Industry for many years.

This transaction achieves the establishment of a strong alliance. Under the comprehensive credit endorsement of the giant enterprise Veken, ALD will further optimize the supply chain, enhance its comprehensive competitiveness, and continue to expand the world vape market. Meanwhile, Veken Technology will gain new profit growth points in the field of lithium battery subdivision products, which will help improve the efficiency of the company’s asset operation.

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