Examples of Comtech China in a sentence
On December 1, 2013, with a view to disposing of the real estate development business that is unrelated to the core business of our Group, the entire equity interest in Comtech China was legally transferred to Envision Global for a consideration of US$72.9 million (equivalent to RMB444.0 million) which was calculated based on the net asset value of Comtech China.
If deemed necessary, represen tatives of the external auditors par ticipate in the Board of Directors’ dis cussion of their reports.The Chairman of the Board of Directors, or the chairs of the committees, set the agenda for meetings.
The consideration for the disposal of Comtech China to Envision Global was payable in the form of US$92,000 (equivalent to RMB560,000) in cash and a forbearance of Cogobuy Group’s payable to Comtech China in the amount of US$72.8 million (equivalent to RMB443.4 million).
The decrease was because the Envision Global Entities, which were primarily subject to the lower Hong Kong profits tax rate, were consolidated in our financial results in the six months ended June 30, 2014, and because Comtech China, which was subject to the higher PRC corporate income tax rate, was no longer consolidated in our financial results in the three and six months ended June 30, 2014 after its disposal on December 1, 2013.
In particular, the property, plant and equipment of Comtech China as at December 1, 2013 did not include the costs of the land use right and construction in progress as they were considered having been transferred to Envision Global on November 15, 2012 pursuant to the agreement as described above.
This was primarily due to a decrease in interest income as a result of a reduction in RMB bank deposits after the disposal of Comtech China in December 2013.
The validity of questionnaire was explored by two independent professionals on the subject matter.
Scores indicated significant improvement in functional physical status (activities of daily living), balance, distance walked in 6 min, and quality of life in the physical health domain.
The equity interest in Comtech China was acquired as part of the acquisition of the Predecessor Entities from Viewtran on November 15, 2012 for a total consideration of US$78 million (equivalent to approximately RMB486.5 million).
After its acquisition on November 15, 2012 and up to the date of its disposal on December 1, 2013, Comtech China was primarily responsible for acquiring electronics components from third party suppliers and supplying them to other group companies in our Group, which gave rise to amounts due from related parties of RMB462.3 million on Comtech China’s books at December 1, 2013.