East Stone Acquisition and JHD Holdings, a merchant enablement services platform operating in China, announced today that they have entered into a definitive business combination agreement.
Upon closing, the combined company will be named JHD Technologies Limited, and will seek a Nasdaq listing.
Terms call for the combined company to issue $1 billion in shares to the selling parties, with 10 percent of those shares subject to an earn-out and escrowed under the terms of the agreement.
JHD’s platform provides almost 90,000 independent retailers in five provinces with a suite of services and technologies, including Point-of-Sale (POS), supply chain and logistics, and fintech/payment capability. To enable financial inclusion of communities in China that are significantly underbanked, JHD’s platform has already enabled 3,000 outlets to become licensed rural area financial stations. Read more.
