DONEWS reported on December 10 that on December 5, Huakai Yibai announced that it intends to acquire 100% of the shares of Tongtuo Technology held by Huading Co., Ltd. and all operating assets related to its main business in cash, which is an acquisition case with greater influence in the cross-border circle this year.
Founded in 2004 and headquartered in Shenzhen, Tongtuo Technology is one of the "Four Youths of South China", its main business is B2C cross-border export e-commerce, and it has created well-known overseas brands such as Tomtop, and has a high reputation and user base overseas. At present, it covers more than 200 countries and regions, forming a multi-dimensional and all-round three-dimensional business structure of cross-platform, cross-category, cross-language and cross-currency.
In 2017, Huading Co., Ltd. acquired Tongtuo Technology for 2.9 billion yuan, which is the hottest outlet for the development of cross-border e-commerce, and then in the process of development, the latter did not bring more profits to Huading Co., Ltd., especially in 2021, the huge loss in the wave of Amazon account closure, has not fully recovered, and Huading Co., Ltd.'s cross-border e-commerce business in the past two years has also been in a state of loss.
The main business of Huading Co., Ltd. is nylon, and the first Tongtuo Technology is also to focus more on the main business of nylon and enhance the company's core competitiveness and market share in the field of medium and high-end civil nylon filament.
The acquirer, Huakai Yibai, was formerly known as a space art design company listed in 2017, and in 2021, it acquired 90% of the shares of cross-border e-commerce company Yibai Network, and changed its name to Huakai Yibai Technology Co., Ltd. to start the transformation to cross-border export e-commerce business, and in 2022, the company as a whole will turn losses into profits, and its net profit has achieved year-on-year growth for seven consecutive quarters.