Leon Technology Co LtdLeon Technology's subsidiary plans a 193M yuan cash acquisition of a pre-revenue data center, with one director dissenting over missing decision materials.

Leon Technology announced on the evening of September 15 that its wholly-owned subsidiary Leon Cloud Data (Sichuan) Co., Ltd.'s subsidiary Leon Cloud Data (Kunshan) Co., Ltd. plans to acquire 100% equity of Kunshan Boxi Data Technology Co., Ltd. for 193 million yuan in cash. The target company is still in the construction phase and has not generated any revenue. After the transaction is completed, Boxi Data will be included in Leon Technology's consolidated financial statements. This transaction does not constitute a related-party transaction, nor does it constitute a major asset restructuring, and does not require submission to the shareholders' meeting for review. The proposal was approved at the 14th meeting of the fifth board of directors with 8 votes in favor, 1 against, and 0 abstentions. Director Ge Liangdi cast the opposing vote, citing that the board did not provide her with necessary decision-making materials such as the actual controller of the target company, financial due diligence report, and project feasibility analysis, resulting in missing key decision-making information. The company responded that it has provided all directors with the reference materials required for review, that this transaction does not fall under circumstances where laws and regulations require an audit of the target, and that a due diligence report is not a legally mandatory document.
Leon Technology Co LtdLeon Technology's subsidiary plans a 193M yuan cash acquisition of a pre-revenue data center, with one director dissenting over missing decision materials.
Kunshan Boxi Data is the acquisition target, still under construction with no revenue, to be consolidated after the deal.
Leon Cloud Data (Sichuan) is the wholly-owned subsidiary whose unit is making the 193M yuan acquisition.
Leon Cloud Data (Kunshan) is the subsidiary planning to acquire 100% of Kunshan Boxi Data for 193M yuan cash.