HONG KONG, Sept. 21, 2023 /PRNewswire/ -- China Information Technology Development Limited (CITD) (HKEX: 8178), a pioneering technology company at the forefront of AI and cloud technologies, proudly announces a momentous stride in its growth journey through the proposed very substantial acquisition of Autosteoreoscopic 3D Limited.
The acquisition marks a significant step forward for CITD, solidifying its position as an industry leader in IT solutions. Under the terms of the sale and purchase agreement, the Consideration for the acquisition totals HK$100 million. This sum will be met through the issuance of Promissory Notes with an aggregate principal amount of HK$75,985,677.28, and the allotment and issuance of a total of 11,117,742 Consideration Shares to the Vendors (or their nominee(s)). Upon completion of this transaction, Autostereoscopic 3D Limited will transition into an indirect wholly-owned subsidiary of CITD, further enriching the portfolio of capabilities offered by the Group and integrating the financial results of the Autostereoscopic 3D Limited into the consolidated financial statements of CITD.
About Autostereoscopic 3D Limited
Autostereoscopic 3D Limited is a trailblazer in technological advancement, and specializes in the conversion of 2D content to 3D that is applicable across a diverse range of industries.
Through strategic acquisitions, Autostereoscopic 3D Limited has acquired 15 state-of-the-art patents, a testament to their commitment to innovation. These patents, encompassing both spatial image processing and optical design, have a global presence, being registered in multiple jurisdictions including Hong Kong, the PRC, the United States, and Great Britain. The evolution of these patents from their origins in display monitor manufacturing to their current applications in the non-fungible token (NFT) and collectibles market, specifically in the visual display of NFTs for exhibitions and digital artwork museums, signifies the resilience and versatility of Autostereoscopic 3D Limited's intellectual property.
Dr. Lee Ying Chiu, Herbert, the controlling shareholder of Autostereoscopic 3D Limited, possesses profound market intelligence and insights on the application of 3D technology. Dr. Lee has over 15 years of experience in 3D technology and among the pioneers in the development of 82-inches naked-eye 3D high-definition monitor. Dr. Lee envisaged the integration of 3D technology into daily lives and has continued developing application of 3D technology in software, and hardware such as tablets, mobile phones and multi-screens. Aside from being a successful entrepreneur, Dr. Lee is also a dedicated inventor. Dr. Lee is dedicated to technological innovation and is an inventor of many of the patents owned by the Autostereoscopic 3D Limited.
Dr. Lee is the son of Mr. Lee Siu-lun, the founder behind Siu On Group Holdings Limited. Siu On Group Holdings Limited is primarily immersed in real estate investments and developments, focusing on both the vibrant markets of Hong Kong and the mainland People's Republic of China (PRC). Dr. Lee and his family oversee a substantial real estate portfolio exceeding HK$20 billion. Notably, Dr. Lee shares family ties with the esteemed Dr. Lee Shau Kee. Dr. Lee Shau Kee is the former chairman and currently serves as an executive director at Henderson Land Development Company Limited, a prominent real estate conglomerate at the forefront of Hong Kong's property sector.
Leveraging their industry expertise, technical prowess, and rich intellectual properties, Autostereoscopic 3D Limited is poised to deliver an extensive suite of state-of-the-art services. These services span various domains including 3D animation, 3D content creation, and innovative glasses-free 3D applications, all harnessed through the application of autostereoscopic 3D imaging technology.
Daniel Wong, Chairman and CEO of CITD, highlighted the strategic significance of this acquisition, stating, "CITD's commitment to delivering top-tier IT solutions in Hong Kong and beyond remains unwavering. Should the acquisition be approved in the EGM, we believe that the integration of Autostereoscopic 3D Limited's advanced technologies, especially in the realm of autostereoscopic 3D, aligns seamlessly with our vision of enhancing the quality and efficiency of our IT solutions. This acquisition signifies a bold step towards consolidating our leadership in the IT solutions industry."
This acquisition echoes CITD's strategic intent to fortify its industry foothold through astute acquisitions and synergistic partnerships. The synergy anticipated between CITD and Autostereoscopic 3D Limited is set to usher in a new era of cutting-edge IT solutions, positioning the Group at the forefront of technology-driven innovation.
For more information about CITD and its latest developments, please visit www.citd.com.hk.
For media inquiries, please contact:
China Information Technology Development Limited
Email: info@citd.com.hk
About China Information Technology Development Limited (CITD - 8178.HK)
China Information Technology (CITD - 8178.HK) is a company listed on GEM of the Hong Kong Stock Exchange and owns two subsidiaries - DataCube and Macro Systems. The business of the group is mainly providing integrated marketing artificial intelligence (AI) solutions, big data analytics, cloud technology, system integration services and data storage to clients across different industries in Asia.
To learn more about CITD, please visit www.CITD.com.hk
