COGO » Topics » Huameng BVI and Huameng PRC

These excerpts taken from the COGO 10-K filed Mar 17, 2008.

Huameng BVI and Huameng PRC

As part of the Group’s expansion into the engineering services business, the Group entered into an agreement on January 11, 2006 to acquire a 51.12% equity interest in Huameng BVI, an investment holding company which in turn acquired a 100% equity interest in Huameng PRC for a cash consideration of RMB6,769. Huameng PRC is engaged in the provision of technology and engineering services, business process outsourcing, and related training and maintenance services.

 

F-23


Table of Contents

COMTECH GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share data)

 

The acquisition of Huameng PRC and Huameng BVI was accounted for by the Group under the purchase method. The following table summarizes Comtech Group’s share of fair value of the assets acquired and liabilities assumed:

 

     RMB  

Cash

   206  

Accounts receivable

   6,741  

Prepaid expenses and other receivables

   242  

Property and equipment

   409  
      

Total assets acquired

   7,598  

Accrued expenses and other liabilities

   (829 )
      

Net assets acquired

   6,769  
      

Huameng BVI and Huameng PRC

STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%">As part of the Group’s expansion into the engineering services business, the Group entered into an agreement on January 11, 2006 to acquire a
51.12% equity interest in Huameng BVI, an investment holding company which in turn acquired a 100% equity interest in Huameng PRC for a cash consideration of RMB6,769. Huameng PRC is engaged in the provision of technology and engineering services,
business process outsourcing, and related training and maintenance services.

 


F-23







Table of Contents



COMTECH GROUP, INC.

SIZE="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share data)

SIZE="1"> 


The acquisition of Huameng PRC and Huameng BVI was accounted for by the Group under the purchase
method. The following table summarizes Comtech Group’s share of fair value of the assets acquired and liabilities assumed:

 
































































   RMB 

Cash

  206 

Accounts receivable

  6,741 

Prepaid expenses and other receivables

  242 

Property and equipment

  409 
    

Total assets acquired

  7,598 

Accrued expenses and other liabilities

  (829)
    

Net assets acquired

  6,769 
    
This excerpt taken from the COGO 10-K filed Mar 16, 2007.

Huameng BVI and Huameng PRC

As part of the Group’s expansion into the engineering services business, Comtech Group entered into an agreement on January 11, 2006 to acquire a 51.12% equity interest in Huameng BVI, an investment holding company, for a cash consideration of RMB44 (USD5) which in turn acquired a 100% equity interest in Huameng PRC for RMB6,769 (USD847) payable in cash. Huameng PRC is engaged in the provision of technology and engineering services, business process outsourcing, and related training and maintenance services.

The acquisition of Huameng PRC, through Huameng BVI, was accounted for by the Group as a purchase business combination. The following table summarizes Comtech Group’s share of fair value of the assets acquired and liabilities assumed at the date of acquisition:

 

     RMB  

Cash

   206  

Accounts receivable

   6,741  

Prepaid expenses and other receivables

   242  

Property, plant and equipment

   409  
      

Total assets acquired

   7,598  

Accrued expenses and other liabilities

   (829 )
      

Net assets acquired

   6,769  
      

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