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Shanghai Hi-Tech Control System Co., Ltd. (HITE) announced it will issue shares and pay cash to purchase 75% equity of Xingzhida from eight counterparties. Xingzhida will become a holding subsidiary of HITE.
Haide Control plans to purchase 75% equity of Xingzhida, an industrial automation solutions provider, for 1.278 billion yuan via shares and cash. The deal aims to expand Haide Control's industrial control business.