BEIJING, June 24 (Xinhua) -- Vantone Neo Development Group (600246.SH) announced on late Sunday to buy a 60.16-percent equity stake in Source Photonics Holdings (Cayman) Limited in cash.
According to a filing to the stock exchange, Vantone will acquire shares in the target company from 12 other shareholders, with the total transaction amounting to 324 million U.S. dollars.
Source Photonics is the world-leading company in optical communication. Its major products include optical chips, optical components and optical modules.
As a real estate company, Vantone Development is going through a transformation and exploring the new business model. It is now eying the communication and digital technologies for new businesses. (Edited by Wu Rui, Hu Pingchao, hupingchao@xinhua.org)
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