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EC Technology to Acquire Global Ticketing Services Provider Weying Mtel
Tuesday 13 March 2018

13 March 2018 - Hong Kong-based technology company EC Technology and Innovations Limited has entered into an exclusive agreement to acquire not less than 51% of global ticketing services provider Weying Mtel Ltd to develop blockchain e-commerce solution, the company said.
No financial terms were disclosed.
EC is a wholly owned subsidiary of dye equipment manufacturers Sharing Economy International, Inc. (SEII) (NASDAQ: SEII). SEII said this transaction would open other opportunities for the development of the company's media and advertising business with more income opportunities as well as market education channels.
SEII said it plans to extend its technology partnership with Shanghai Ganqu Network Technologies, whose extensive experience in applying blockchain technologies into ticketing systems will move these initiatives forward quickly.
The company's initial targets are global movie theater markets with the potential to expand into other event ticketing.
Sharing Economy International Inc., through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry.
The company's latest business initiatives are focussed on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models.
The company said it will actively pursue blockchain technology in its existing and to-be-acquired business.
Weying Mtel Ltd. is a joint venture of Mobile Telecom Ltd. and Weiying Technology, a company whose largest shareholder is Tencent.
The company operates a ticketing service on Tencent's WeChat platform and aims to accelerate the collaboration of Hong Kong's movie businesses and Weiying's position in Mainland China's ticketing service market to develop ticketing services, which it will deploy in global markets outside of China.
Date Published: 13/03/2018
Target: Weying Mtel/51% stake
Country: China
Sector: Business and Consumer Services
Type: Corporate acquisition
Status: Agreed
Buyer: EC Technology and Innovations
Terms of the deal were not disclosed