Zhidao International (01220) said during the due diligence review on a company engaged in the business of information technology, it noted that the target group is undergoing restructuring and its corporate structure may be changed.
The progress of due diligence on the target group is not satisfactory and certain issues in relation to the target group may not be resolved shortly or by the long stop date and consequently the proposed acquisition may or may not proceed.
Zhidao announced in November that it agreed to acquire an information technology company at HK$295 million which possesses a self-invented computational logic - Macroinstruction Set Computer (MSIC), which is a reconfigurable logic technology.
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