Beijing Fuyi Xingda Cultural Development Co., Ltd. signed an agreement to acquire Beijing Century Partner Culture & Media Inc. from Beijing Jingxi Culture & Tourism Co.,Ltd for CNY 48 million.
April 28, 2020
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Beijing Fuyi Xingda Cultural Development Co., Ltd. signed an agreement to acquire Beijing Century Partner Culture & Media Inc. from Beijing Jingxi Culture & Tourism Co.,Ltd (SZSE:000802) for CNY 48 million on April 28, 2020. As reported, payment will be done in 2 installments, a first installment of CNY 25 million payable within 5 days since signing of the agreement and a second installment of CNY 23 million payable before December 31, 2020. As at December 31, 2019, Beijing Century Partner Culture & Media reported total assets of CNY 608.2 million and net assets of CNY 47.7 million while operating revenue of CNY 515.1 million and net loss of CNY 630.3 million were reported for the year ended December 31, 2019. There is no need for approval from the shareholders’ meeting of Beijing Jingxi Culture & Tourism Co.,Ltd. The transaction was approved by the 27th meeting of the 7th directorate of Beijing Jingxi Culture & Tourism Co.,Ltd on April 28, 2020.
BEIJING JINGXI CULTURE & TOURISM CO.,LTD, is a China-based company principally engaged in film and television culture business. The Company is mainly engaged in the investment, production, distribution and sale of films, television dramas and variety show projects, as well as artist management business. The Company is also involved in tourism business, which includes the provision of scenic tours, catering, tour guides, consulting and parking management services, among others. The Company operates its business mainly in Beijing and Tibet Autonomous Region, China.
Beijing Fuyi Xingda Cultural Development Co., Ltd. signed an agreement to acquire Beijing Century Partner Culture & Media Inc. from Beijing Jingxi Culture & Tourism Co.,Ltd for CNY 48 million.