Wasu Media Holding Co.,Ltd completed the acquisition of Ningbo Wasu Broadcasting Network Co., Ltd. and remaining 91.7% in Zhejiang Wasu Broadcasting Network Co., Ltd. from a group of shareholders.
November 12, 2020
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Wasu Media Holding Co.,Ltd (SZSE:000156) agreed to acquire Ningbo Wasu Broadcasting Network Co., Ltd. and remaining 91.7% in Zhejiang Wasu Broadcasting Network Co., Ltd. from a group of shareholders on October 14, 2019. Wasu Media Holding Co.,Ltd agreed to acquire Ningbo Wasu Broadcasting Network Co., Ltd. and remaining 83.44% in Zhejiang Wasu Broadcasting Network Co., Ltd. from a group of shareholders for CNY 5.2 billion. The consideration comprises cash and ‘A’ shares. The consideration comprises cash of CNY 1.7 billion and 389.8 million shares of Wasu Media Holding Co.,Ltd, which on September 3, 2020 was adjusted to 419.6 million shares due to which the final consideration increased to CNY 5.5 billion. Post completion, Ningbo Wasu Broadcasting Network Co., Ltd. and Zhejiang Wasu Broadcasting Network Co., Ltd. will operate as wholly-owned subsidiaries of Wasu Media Holding Co.,Ltd. For the year ended December 31, 2018, Ningbo Wasu Broadcasting Network Co., Ltd. reported total assets of CNY 0.13 million, net assets of CNY 0.08 million, revenues of CNY 0.04 million, operating profit of CNY 0.01 million and net income of CNY 0.004 million. For the year ended December 31, 2018, Zhejiang Wasu Broadcasting Network Co., Ltd. reported revenues of CNY 0.27 million, total assets of CNY 0.73 million, operating profit of CNY 0.02 million, net income of CNY 0.02 million and net assets of CNY 0.4 million.
The deal is subject to approval from shareholders of Wasu Media Holding Co.,Ltd, China Securities Regulatory Commission and relevant departments of Zhejiang Provincial Department of Finance (Provincial Capital Office). On October 14, 2019, Hangzhou Municipal State-owned Assets Management Leading Group Office approved the deal. On October 25, 2019, the shareholders of Wasu Digital TV Media Group Co., Ltd. and Ningbo Wasu Broadcasting Network Co., Ltd. approved the deal. On October 30, 2019, the Board of Directors of Wasu Media Holding Co.,Ltd approved the deal. On May 9, 2020, Hangzhou Cultural State-owned Assets Management Leading Group Office approved the transaction. As of June 4, 2020, the Zhejiang Provincial Department of Finance (Provincial Capital Office) has approved the acquisition. As on July 7, 2020, Wasu Media Holding Co.,Ltd decided to apply to the China Securities Regulatory Commission to suspend the review of the transaction. As of September 16, 2020, China Securities Regulatory Commission has approved the transaction.
Zhou Xudong, Wu Chenggen, Huang Jie, Luo Jin, Xiang Lei, Zhao Hua, Wang Ke, Shen Yang, Li Ting and Luo Yunxiang of Zheshang Securities Co., Ltd. acted as financial advisor, Yan Huarong, Yang Zhao, Yu Feitao and Lu Xingwei of Grandall Law Firm acted as legal advisor, Hao Shuping, Wu Jun and Ma Shixin of China Audit Asia Pacific Certified Public Accountants (Special General Partnership) acted as an accountant and Wang Yuehao, Zhu Xiaoxue, Zhu Dawei and Li Yanting of Pan-China Certified Public Accountants (Special General Partnership) acted as an accountant in the transaction.
Wasu Media Holding Co.,Ltd (SZSE:000156) completed the acquisition of Ningbo Wasu Broadcasting Network Co., Ltd. and remaining 91.7% in Zhejiang Wasu Broadcasting Network Co., Ltd. from a group of shareholders on November 13, 2020.
Wasu Media Holding Co.,Ltd is a China-based company principally engaged in the provision of information communication services. The Company mainly operates its business through Cable Television (TV) Network segment, Broadband Network segment and New Media segment. Cable TV Network segment includes cable TV network construction and programming content transmission services. Broadband Network segment provides personal and institutional customers with broadband network access and information services based on broadband network. New Media segment is involved in the content management, technical service and operation of new media business, including interactive TV, mobile TV, Internet TV and Internet audio-visual programs, among others.
Wasu Media Holding Co.,Ltd completed the acquisition of Ningbo Wasu Broadcasting Network Co., Ltd. and remaining 91.7% in Zhejiang Wasu Broadcasting Network Co., Ltd. from a group of shareholders.