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China Customer Relations Centers, Inc. (Nasdaq: CCRC) has successfully completed its merger with Taiying Group Ltd. and Taiying International Inc. as of July 6, 2021. Following this merger, CCRC will no longer be a publicly traded company, and shareholders will receive $6.50 in cash for each share they held. Trading on NASDAQ has been suspended, and the company plans to file for deregistration with the SEC, ceasing its reporting obligations. Legal counsels from various firms supported the merger process, signifying the strategic move in the e-commerce and financial services outsourcing sector.
China Customer Relations Centers, Inc. (CCRC) announced that at its extraordinary general meeting held on June 18, 2021, shareholders approved the merger agreement with Taiying Group Ltd., allowing the Company to become a privately held entity. Approximately 80% of outstanding shares voted in favor of the merger, which will see CCRC's ordinary shares delisted from NASDAQ. The merger is expected to complete soon, following regulatory conditions. CCRC specializes in e-commerce and financial services outsourcing, operating multiple call centers across various provinces in China.
China Customer Relations Centers, Inc. (CCRC) reported a robust financial performance for the year ended December 31, 2020. Revenues soared by $66.91 million, or 38.6%, reaching $240.32 million, driven by new customer acquisition and increased sales volume. Operating income surged by 89.2% to $23.82 million, with net income rising by 89.2% to $24.93 million, translating to $1.36 earnings per share. The company expanded its service capacity, adding 6,889 seats.
Despite strong growth, gross margin decreased slightly to 21.5%.
China Customer Relations Centers, Inc. (Nasdaq: CCRC) will hold an extraordinary general meeting (EGM) on June 18, 2021, at 9:00 a.m. Beijing Time. The meeting aims to approve a merger agreement dated March 12, 2021, with Taiying Group Ltd. and Taiying International Inc. If approved, the merger will result in CCRC becoming a privately held company, and its shares will no longer trade on Nasdaq. Shareholders of record as of May 17, 2021, are eligible to vote. Additional details are available in filings with the SEC.
On March 12, 2021, China Customer Relations Centers, Inc. (CCRC) announced a definitive Merger Agreement with Taiying Group Ltd. Under this agreement, Taiying Group will acquire CCRC for US$6.50 per share, a 37.7% premium over its previous closing price. The merger is expected to close in Q2 2021 and will make CCRC a wholly-owned subsidiary of Taiying Group. The merger requires approval from a majority of shareholders and is backed by a rollover agreement from key shareholders, who own approximately 71.1% of CCRC's shares.
China Customer Relations Centers, Inc. (CCRC) reported a strong financial performance for the first half of 2020, with revenues rising by 33.4% to $97.72 million and net income increasing by 106.4% to $10.30 million. Earnings per share reached $0.56, up from $0.27 a year earlier. The company added notable new clients, including Huaxia Bank and Ping'An Bank, contributing to an operating income increase of 89.1%, while gross profit saw a 38.9% rise. Total cash stood at $28.67 million as of June 30, 2020.
China Customer Relations Centers, Inc. (CCRC) has received a preliminary non-binding proposal from its founder and certain affiliates to acquire all outstanding shares not owned by them at $5.37 per share. A special committee of independent directors has been formed to evaluate the proposal with the assistance of financial and legal advisors. The Board warns shareholders that no decision has been made regarding the proposal and no assurance can be given that the transaction will proceed. CCRC specializes in e-commerce and financial services BPO in China.
China Customer Relations Centers, Inc. (CCRC) announced its 2020 Annual Meeting of Shareholders will take place on November 21, 2020, at 9:00 a.m. Beijing time. Shareholders as of October 14, 2020, are eligible to vote. The meeting will be held at CCRC's headquarters in Tai'An City, Shandong Province, China. As a leading call center BPO service provider in China, CCRC focuses on voice-based and online customer care services, including customer relationship management, technical support, sales, and marketing surveys.
