BYD ELECTRONIC plans to acquire the mobile phone component manufacturing business in Chengdu and Wuxi for 15.8 billion RMB.

BYD (00285.HK) announced that it has entered into a framework agreement and conditionally agreed to acquire 100% equity of Juno Newco Target Holdco Singapore, a target company, for a total of 15.8 billion RMB. The target company was established in August this year under Singapore law and will soon have primary production and manufacturing operations in Chengdu and Wuxi, including parts manufacturing for existing customers, which are currently carried out by the seller and its affiliates. The company believes that the acquisition will expand the group's customer and product boundaries, broaden its smartphone parts business, significantly improve the group's customer and product structure, seize market development opportunities, enhance the strategic layout of core component products, promote the upgrading of the group's industry, and enter a new round of high-speed growth cycle. (jl/t)