Chinese home electronics retailers Hisense and Kelon each released their own announcements this week regarding Hisense's acquisition of Kelon.
Hisense says in the announcement that it will take over Kelon's stake around the May Day holiday. This is the first time that Hisense has published the acquisition results.
Hisense says that it has spent CNY680 million on acquiring the Kelon stake and a work team consisting of both sides, the government, the court and the department of industry and commerce is ready to deal with the stake transfer procedures, which is expected to be completed before the Labor Day holiday.
In addition, Hisense says that it will release a new logo to replace the old Kelon logo on May 18.