Zhejiang Yitong Digital TV Investment Co., Ltd signed an agreement to acquire an additional 8.87% stake in Zhejiang Talent Television and Film Co., Ltd. from Wu Hongliang for approximately CNY 220 million.
May 16, 2021
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Zhejiang Yitong Digital TV Investment Co., Ltd signed an agreement to acquire an additional 8.87% stake in Zhejiang Talent Television and Film Co., Ltd. (SZSE:300426) from Wu Hongliang for approximately CNY 220 million on May 14, 2021. Wu Hongliang will sell 37.16 million shares of Zhejiang Talent Television and Film Co., Ltd. at CNY 5.93 per share. From the date of registration, Wu Hongliang to pay Zhejiang Yitong Digital TV Investment Co., Ltd, the advance payment of CNY 88.06 million and the balance of CNY 132.3 million for the loan. The share transfer agreement shall take effect from the day when Wu Hongliang signs and fingerprints, and Zhejiang Yitong Digital TV Investment Co., Ltd affixes its seal and is signed by the authorized representative or authorized representative of Zhejiang Yitong Digital TV Investment Co., Ltd. Prior to the transaction, Zhejiang Yitong Digital TV Investment Co., Ltd held 20.95 million shares accounting for 5% stake and after the transaction, Zhejiang Yitong Digital TV Investment Co., Ltd will hold 58.1 million shares of Zhejiang Talent Television and Film Co., Ltd. Zhejiang Yitong Digital TV Investment Co., Ltd will use own funds to acquire the stake. The transfer of this agreement still needs to pass the Shenzhen Stock Exchange's compliance confirmation and obtain a confirmation opinion before it can go through the share transfer procedures at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. Zhejiang State-owned Cultural Assets Management Committee approved the transaction.
Zhejiang Talent Television and Film Co., Ltd. is a China-based company principally engaged in the investment, production, promotion, and distribution of TV plays. The Company is also involved in the investment, production, promotion, and distribution of films, artists agency and related services, television drama post production, as well as television advertising production and related services.
Zhejiang Yitong Digital TV Investment Co., Ltd signed an agreement to acquire an additional 8.87% stake in Zhejiang Talent Television and Film Co., Ltd. from Wu Hongliang for approximately CNY 220 million.