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Shareate Tools Plans to Buy Controlling Stake in PCB Tool Cutting Maker

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Shareate Tools (SHA:688257) received approval from the board of directors to acquire an 80% stake in Xinxiang Huilian Electronic Technology for 800 million yuan, according to a Shanghai bourse filing on Friday.

Huilian Electronic is a manufacturer of cutting tools for printed circuit boards.

The company also plans to acquire 70% of Winwinhitech (Thailand) for 28 million yuan as part of the transaction.

The transaction is expected to generate about 400 million in goodwill, bringing the company's total goodwill to approximately 729 million yuan.

The PCB cutting tool manufacturer's shares dropped 3% at the close.

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