Chinese Universe Publishing and Media Co., Ltd. completed the acquisition of Beijing Elex-tech Co., Ltd. from a group of shareholders.
January 15, 2015 at 04:00 am
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Chinese Universe Publishing and Media Co., Ltd. agreed to acquire Beijing Elex-tech Co., Ltd. from a group of shareholders for CNY 2.7 billion in cash and stock on May 22, 2014. Chinese Universe Publishing and Media will issue 129.55 million shares and pay CNY 1.01 billion in cash as consideration. Shenzhen Litong Industry Investment Fund, Tang Binsen, Xie Xianlin, Zhou Yu, Wu Lingjiang, Gao Zhiyong, Shu Shenglin, Wang Anni, Tu Zhiwei, Zhang Yan, Chen Cheng, Ren Chao, Xu Cheng, Ma Lin, Chen Gen and Innovation Works will sell 16.93%, 7.4513%, 5.7857%, 3.1712%, 2.9377%, 2.7043%, 0.8368%, 1.1290%, 1.1290%, 0.4839%, 0.0359%, 0.0359%, 0.0359%, 0.0359%, 0.0359% and 3.49% stake respectively. Xiaochang Musen Investment Center, Innovation Gongchang Weishen (Shanghai) Venture Capital Center (Limited Partnership), Beijing Beimeihong Technology Co., Ltd. and Xiaochang Fengjie Investment Center are also sellers in the deal. Innovation Works will only receive a cash consideration of CNY 70 million.
As of December 31, 2013, Chinese Universe Publishing had total assets of CNY 2.54 billion, total liabilities of CNY 1.62 billion, total revenue of CNY 6.18 billion, operating profit of CNY 81.3 million and total profit of CNY 9.01 million. This transaction is subject to the following approvals including, but not limited to Finance Department of Jiangxi Province, China Securities Regulatory Commission and shareholders of Chinese Universe Publishing and Media Co., Ltd. The Board of Directors of Chinese Universe Publishing and Media approved the deal on June 20, 2014. On August 7, 2014, Chinese Universe Publishing obtained the transaction's assessment record from the Finance Department of Jiangxi Province. On August 13, 2014, Chinese Universe Publishing and Media Co., Ltd expects to raise CNY 887 million by issuing 77.37 million shares to no more than ten designated investors to subsidize the acquisition. The transaction was approved by Finance Department of Jiangxi Province on August 22, 2014. On August 29, 2014, the transaction was approved by the shareholders of Chinese Universe Publishing and Media Co., Ltd. On January 8, 2015, Chinese Universe Publishing received CSRC Approval for the transaction.
CITIC Securities Company Limited acted as financial advisor, Zhong Lun Law Firm acted as legal advisor and PricewaterhouseCoopers Zhong Tian LLP acted as accountant for Chinese Universe Publishing.
Chinese Universe Publishing and Media Co., Ltd. completed the acquisition of Beijing Elex-tech Co., Ltd. from a group of shareholders on January 15, 2015.
Chinese Universe Publishing and Media Group Co., Ltd., formerly CHINESE UNIVERSE PUBLISHING AND MEDIA CO., LTD., is a China-based publishing and media company principally engaged in the traditional publishing business, extension chain of business and new format business. Traditional publishing business consists of book editing and publishing, newspaper and magazines, printing and distribution and material supply. The extension chain of business includes domestic and foreign trading, chain of supply, modern logistic business and application of Internet of Things (IoT) technology. The New format business consists of new media and online education, Internet games, digital publishing, television program products, art operation, culture integration and investment and financing. The Company's main products consist of general books, text books teaching assistant materials and audio and video products.