(December 26, 2016 Beijing) Shiji (Hong Kong)’s proposed privatization transaction to eFuture is conducive to the overall development of its retail information system, which will help the company…
(December 26, 2016 Beijing) Shiji (Hong Kong)’s proposed privatization transaction to eFuture is conducive to the overall development of its retail information system, which will help the company to integrate existing retail information system resources and create foundation for setting up comprehensive solutions for the circulation retail information system.
On 23th September, 2016, Shiji (Hong Kong) Limited (hereinafter referred to as “Shiji (Hong Kong)”), a subsidiary of Shiji Information Technology Co., Ltd., reached privatization transaction agreements of Merger and Acquisition Agreements and Plans and Voting Agreement with eFuture Holding Inc. (hereinafter referred to as “eFuture”). Shiji (Hong Kong) will acquire all the outstanding shares of eFuture excluding those held by Shiji (Hong Kong) and its related parties at a price of $ 6.42 per share in cash. eFuture held an Extraordinary General Meeting to consider and adopt the proposal of Merger and Acquisition Agreements and Plans and other related issues on 20th December, 2016.
Shiji (Hong Kong) has accumulatively purchased 50.61% of eFuture’s stock from the secondary market and became its controlling shareholder in 2015. Then Shiji Information Technology Co., Ltd. held the 7th Extraordinary General Meeting of the 5th Board of Directors on 6th June 2015 which approved to submit the non-binding proposal of privatization transaction by Shiji (Hong Kong) to eFuture planning to acquire all the outstanding ordinary shares of eFuture excluding those held by Shiji (Hong Kong) and its related parties.
As of the date of this press release, Shiji (Hong Kong)’s proposal of privatize eFuture has been approved by eFuture’s Shareholders Meeting. This transaction is now in the delivery phase. Once the transaction is completed, eFuture will become a wholly-owned subsidiary of Shiji (Hong Kong) and its shares will be terminated on Nasdaq Stock Market.
eFuture was listed in the American National Association of Securities Dealers Automated Quotations in 2006 with stock code EFUT. eFuture holds 100% equity of Beijing eFuture Technology Co., Ltd who function to deliver the operation activities under the actual control as the operation entity of the listed company eFuture. Beijing eFuture Technology is a software and solution provider in China’s fast-growing consumer goods and retail industry and a promoter of mobile internet business. With continuous innovation and service, eFuture Technology provides one-stop solutions, mobile social shopping and excellent local services for more than 1,000 domestic and foreign consumer brands, retail enterprises and more than 50,000 stores. Moreover, its products have gained great and sustainable local competitive advantages for these enterprises.
Shiji (Hong Kong)’s proposed privatization transaction to eFuture is conducive to the overall development of its retail information system, which will help the company to integrate existing retail information system resources and create foundation for setting up comprehensive solutions for the circulation retail information system. At the same time, the transaction encourages eFuture to take advantage of the existing market customer resources, reduce costs, expand business and seek for new profit growth point. Benefiting from the complementary advantages of other subsidiary companies of Shiji Information Technology Co., Ltd., eFuture could expand and consolidate its position in the retail distribution industry, which is in line with the company’s strategic direction in the retail sector and in line with the company’s overall strategic direction.
About eFutrue:
eFuture Holding Inc. provides software and services to retail and consumer goods industries in China. It develops and sells enterprise resource planning software; and provides solutions for distribution, retail, and logistics businesses. The company offers software solutions, which include foundation solutions for retail management, point of sale, distribution management, logistics management, warehouse management, vendor payment and control, and loyalty card management;
collaborative solutions for visual SCM and visual process management systems; and intelligent solutions for business intelligence, brand analysis, supplier relationship management, and customer relationship management systems. It also provides support services on existing software installations; delivery services; consulting services, including systems planning and design, customer-specific configuration of application modules, and on-site implementation or conversion from existing systems; post-implementation consulting services, such as utilization reviews and business process optimization; and outsourcing services comprising design, development, implementation, operation, and improvement of information technology and business functions.
In addition, the company offers omni-channel cloud solutions, such as myStorem, an omni-shopping platform for consumers that connects consumers to offline stores, online stores, social stores, and mobile stores;
systems integration services; and technical supporting services. It serves manufacturers, retailers, distributors, and third party logistics in front-end supply chain market.
It has partnership with IBM and Oracle to co-develop software and to implement partners solutions. The company was formerly known as eFuture Information Technology Inc. and changed its name to eFuture Holding Inc. in January 2016. The company was founded in 1997 and is headquartered in Beijing, China. eFuture Holding Inc. is a subsidiary of Shiji (Hong Kong) Limited.
For more details, please go to: http://www.e-future.com.cn
