Shandong Gettop Acoustic Co., Ltd. cancelled the acquisition of Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd. from Kashgar Shuangzi Xingguang Cultural Investment Fund Enterprise (Limited Partnership), Xi’an Miuchuangsi Purun Enterprise Management Consultancy Partnership (Limited Partnership), Yang Wei, Zhu Wenjiu, Huang Bo, Xu Tiejun, Liu Heping, Guan Hu and Xu Bing.
November 29, 2016
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Shandong Gettop Acoustic Co., Ltd. (SZSE:002655) signed an asset acquisition agreement to acquire Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd. from Kashgar Shuangzi Xingguang Cultural Investment Fund Enterprise (Limited Partnership), Xi’an Miuchuangsi Purun Enterprise Management Consultancy Partnership (Limited Partnership), Yang Wei, Zhu Wenjiu, Huang Bo, Xu Tiejun, Liu Heping, Guan Hu and Xu Bing in cash and stock on December 3, 2015. The final transaction price of the target assets and the amount of cash to be paid and number of shares to be issued to the sellers as payment will be determined after the release of Xian Qujiang Chuntian Ronghe Film & TV Culture's appraisal report. The consideration comprises cash of CNY 1.2 billion and CNY 622.6 million in stock comprising 54.5 million common shares at CNY 11.4 per share. In a related transaction, Shandong Gettop Acoustic Co., Ltd. signed the asset acquisition agreement to acquire Beijing Yuehua Yuanyu Cultural Communication Co., Ltd. from a group of sellers for CNY 2.3 billion in cash and stock. The cash portion of the deal will be funded through issuance of shares to raise supporting funds by Shandong Gettop Acoustic.
Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd. reported total assets of CNY 687.51 million, total owner’s equity of CNY 339.91 million, revenue of CNY 378.43 million, operating profit of CNY 86.94 million and net profit of CNY 76.1 million for the year ending December 31, 2014. The deal is subject to approval of Board of Directors of Shandong Gettop Acoustic after the completion of the audit and appraisal of Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd., approval from the shareholders of Shandong Gettop Acoustic and approval from the China Securities Regulatory Commission. The deal was approved by the Board of Directors of Shandong Gettop Acoustic and the shareholders of Xian Qujiang Chuntian Ronghe Film & TV Culture on December 3, 2015. Guosen Securities Co., Ltd. acted as independent financial advisor for Shandong Gettop Acoustic Co., Ltd. Zhong Lun Law Firm acted as legal advisor for Shandong Gettop Acoustic Co., Ltd. and ShineWing Certified Public Accountants Co., Ltd. acted as accountant for Shandong Gettop Acoustic Co., Ltd. and Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd.
Shandong Gettop Acoustic Co., Ltd. (SZSE:002655) cancelled the acquisition of Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd. from Kashgar Shuangzi Xingguang Cultural Investment Fund Enterprise (Limited Partnership), Xi’an Miuchuangsi Purun Enterprise Management Consultancy Partnership (Limited Partnership), Yang Wei, Zhu Wenjiu, Huang Bo, Xu Tiejun, Liu Heping, Guan Hu and Xu Bing in November, 2016.
Gettop Acoustic Co., Ltd., formerly SHANDONG GETTOP ACOUSTIC CO.,LTD, is a China-based company principally engaged in the research, development, manufacture and distribution of electric acoustic devices and components. The Companyâs main products consist of microphones, micro speakers, receivers and related array modules. The Companyâs products are applied in mobile communication equipment and related products, laptops, flat panel television sets, personal digital products, automobile electronics and other consumer electronics products. The Company also provides related electric acoustic services and solutions. The Company distributes its products in domestic market and to overseas markets.
Shandong Gettop Acoustic Co., Ltd. cancelled the acquisition of Xian Qujiang Chuntian Ronghe Film & TV Culture Co Ltd. from Kashgar Shuangzi Xingguang Cultural Investment Fund Enterprise (Limited Partnership), Xi’an Miuchuangsi Purun Enterprise Management Consultancy Partnership (Limited Partnership), Yang Wei, Zhu Wenjiu, Huang Bo, Xu Tiejun, Liu Heping, Guan Hu and Xu Bing.