Jiangyin Zhongnan Heavy Industries Co., Ltd and Jiangyin Zhongnan Changchun Equity Investment Partnership (Limited Partnership) signed an agreement to acquire 10% stake in Shanghai Jiguang Network Technology Co., Ltd. from Zhangshu Haoji Investment Management Center (Limited Partnership) and Tibet Taifu Cultural Media Co., Ltd. for CNY 40 million.
January 05, 2016
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Zhongnan Red Culture Group Co., Ltd. (SZSE:002445) and Jiangyin Zhongnan Changchun Equity Investment Partnership (Limited Partnership) signed an agreement to acquire 10% stake in Shanghai Jiguang Network Technology Co., Ltd. from Zhangshu Haoji Investment Management Center (Limited Partnership) and Tibet Taifu Cultural Media Co., Ltd. for CNY 40 million on December 31, 2015. Zhangshu Haoji Investment Management Center (Limited Partnership) will transfer 7.5% stake to Zhongnan Red Culture Group Co., Ltd. for CNY 30 million; Zhangshu Haoji Investment Management Center (Limited Partnership) will transfer 0.5% stake to Jiangyin Zhongnan Changchun Equity Investment Partnership (Limited Partnership) for CNY 2 million; and Tibet Taifu Cultural Media Co., Ltd. will transfer 2% stake to Jiangyin Zhongnan Changchun Equity Investment Partnership (Limited Partnership) for CNY 8 million. on January 29, 2016, Jiguang Network's shareholders approved the transaction.
The funds for the external investment will come from the self-owned funds of Jiangyin Zhongnan Heavy Industries Co., Ltd. As of September 30, 2015, Shanghai Jiguang Network Technology Co., Ltd.'s unaudited total assets is CNY 18.7 million, net asset is CNY 10.83 million, revenue is CNY 23.93 million, and net profit is CNY 14.29 million. Board of Directors of Jiangyin Zhongnan Heavy Industries Co., Ltd unanimously approved the transaction on December 31, 2015. The transaction is subject to approval of shareholders of Jiangyin Zhongnan Heavy Industries Co., Ltd.
Zhongnanhong Culture Group Co., Ltd., formerly Jiangyin Zhongnan Heavy Industries Co., Ltd., is a China-based company, principally engaged in culture and media business. The Company operates its businesses through two segments. The Culture business segment is engaged in the investment, plan, manufacture, publication and distribution of television and film projects and derived business, artist management, copyright development and operation, game production and distribution and equity investment. The Manufacturing Business segment is engaged in the manufacture and distribution of pipe fittings, flanges and pressure vessels. The Company distributes its products within domestic market and to overseas markets.
Jiangyin Zhongnan Heavy Industries Co., Ltd and Jiangyin Zhongnan Changchun Equity Investment Partnership (Limited Partnership) signed an agreement to acquire 10% stake in Shanghai Jiguang Network Technology Co., Ltd. from Zhangshu Haoji Investment Management Center (Limited Partnership) and Tibet Taifu Cultural Media Co., Ltd. for CNY 40 million.
JIANGYIN ZHONGNAN HEAVY INDUSTRIES CO.,LTD 
