Cirmaker Technology Corporation, which manufactures set top boxes for digital TV signal reception, CPU coolers for computers and electronic components, today announced that the Chinese government has approved its agreement with the Shaanxi Ruyi Electric Company, headquartered in Xian Yang, Shaanxi Province, to acquire a 66% stake in Shaanxi Ruyi Electric's subsidiary, Shaanxi New Century Electronics Company.
The company manufactures for the mainland China television market set-top boxes (also known as digital receivers) that receive signals from satellites and do not require cable connections. Shaanxi New Century Electronics is also located in Xian Yang. Under the terms of the agreement, Cirmaker Technology has purchased 66% of Shaanxi New Century Electronics and Shaanxi Ruyi Electric continues to own 34%.
Shaanxi New Century Electronics has the exclusive right to use Ruyi's well-established brand name in its set top boxes. Shaanxi Ruyi Electric, which ranks as one of the 500 largest Chinese companies, is one of the largest manufacturers of TV sets in China. Shaanxi New Century Electronics Co. produces a new generation satellite set top box that converts digital television broadcast signals into analog formats so that analog TV sets can receive digital programming. This device meets all the required standards of Chinese broadcasting authorities.