Wuhan Hanwe Sports Investment Management Co., Ltd. announced that it expects to receive CNY 100 million in funding from Wuhan DDMC Culture Co., Ltd.
June 02, 2016
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Wuhan Hanwe Sports Investment Management Co., Ltd. announced that it will receive CNY 100,000,000 in an equity round of funding from new investor, Wuhan DDMC Culture Co., Ltd. on June 3, 2016. The company and the investor entered into a capital increase agreement for the transaction. As part of the transaction, the company will transfer CNY 52,040,000 to the registered capital and the balance of CNY 47,960,000 to its capital reserve. Pursuant to completion, the registered capital of the company will increase from CNY 50,000,000 to CNY 102,040,000. On closing, the investor will hold 51% stake in the company. The transaction has been approved at 25th session of 7th directorate meeting of the investor. The transaction is not subject to approval from the shareholders of the investor. The company reported total assets of CNY 26,399,300, net assets of CNY 26,111,500, operating revenues of CNY 1,755,700, and net profit of CNY -1,888,500 for the year ended December 31, 2015.
WUHAN DDMC CULTURE & SPORTS CO., LTD., formerly Wuhan DDMC Culture Co., Ltd., is principally engaged in the sports business and television dramas business. The Company is also involved in trading of phosphate ores, leasing, operation and management of student apartments, as well as the real estate development and commercial residential building agent distribution.