Huitao Completes Acquisition of Sunway Kids Education
Huitao Technology Co. Ltd. (Nasdaq CM: HHT) announced on Friday that it has completed the acquisition of Sunway Kids International Education Group Ltd.
The Beijing-based company struck a deal with Sunway Kids in November under which the education provider became a wholly-owned subsidiary of Huitao.
"The closing of this acquisition represents a significant milestone to diversify our business and maximize our shareholder value," Yang Liu, the chief executive officer of Huitao, said in a statement today.
He added, "Demand for smart education in China is rapidly increasing. We see enormous opportunities for value creation through the combination of Huitao's advantage as a public company and Sunway Kids' expertise in early childhood education with AI and robotic technologies. Our vision is to use Sunway Kids' platform to expand our business horizons."
Shares in Huitao soared nearly 30% on Friday to 95 cents apiece.