Zhejiang Huace Film & TV Co., Ltd. cancelled the acquisition of 35% stake in Xi'an JY Entertainment from Li Jun and three other existing individual shareholders.
January 11, 2013 at 04:00 am
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Zhejiang Huace Film & TV Co., Ltd. (SZSE:300133) agreed to acquire 35% stake in Xi'an JY Entertainment from Li Jun and three other existing individual shareholders for CNY 90 million on May 31, 2011. The transaction will funded from the initial public offering of 14.12 million common A shares to raise CNY 960.16 million. After the acquisition, Zhejiang Huace will inject CNY 50 million into JY Entertainment, which will bring its holding in Xi'an JY to 55%. Xi'an JY Entertainment had net profits of CNY 9.99 million in 2010. Zhejiang Huace's Board of Directors approved the acquisition on May 31, 2011. As of June 30, 2012, Zhejiang Huace has already paid CNY 117.5 million.
Zhejiang Huace Film & TV Co., Ltd. (SZSE:300133) cancelled the acquisition of 35% stake in Xi'an JY Entertainment from Li Jun and three other existing individual shareholders on January 11, 2013.
ZHEJIANG HUACE FILM & TV CO., LTD. is a China-based company principally engaged in the provision and operation of movies and television (TV) entertainment contents. The Company is mainly engaged in the production, distribution and operation of Internet dramas, variety shows and movies. The Company is also involved in creative artist agency, game licensing, as well as the investment, management and operation of cinemas. The Company operates its business mainly in domestic market.
Zhejiang Huace Film & TV Co., Ltd. cancelled the acquisition of 35% stake in Xi'an JY Entertainment from Li Jun and three other existing individual shareholders.