GangGang E-commerce Shanghai Co.,LTD agreed to acquire Shanghai MorningTec Co., Ltd. from COL Digital Publishing Group Co., Ltd. for approximately CNY 320 million.
December 11, 2019
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GangGang E-commerce Shanghai Co.,LTD agreed to acquire Shanghai MorningTec Co., Ltd. from COL Digital Publishing Group Co., Ltd. (SZSE:300364) for approximately CNY 320 million on December 11, 2019. Payment will be done in 2 installments. 1st installment of 51% of the transactional price payable before December 31, 2019 and another installment for the rest of the transactional price payable before December 31, 2023. Shanghai MorningTec Co., Ltd reported total assets of CNY 378.2 million and net assets of CNY 322.5 million as of December 31, 2018 and reported revenues of CNY 194.5 million, operating loss of CNY 89.9 million and net loss of CNY 82.6 million for the year ended December 31, 2018. The transaction is subject to approval by shareholders of COL Digital Publishing Group Co., Ltd. The transaction is approved by the Board of COL Digital Publishing Group Co., Ltd.
COL Group Co Ltd, formerly COL Digital Publishing Group Co Ltd, is a China-based company mainly engaged in digital publishing business. The Company is mainly engaged in digital content production and authorization, intellectual property (IP) cultivation and derivative development, intellectual property protection and metaverse business. The Company provides online literary works through a full-category original content production platform and website. The Company is also engaged in the audio business, as well as web-based IP derivative businesses such as short and medium dramas, animation, as well as film and television. The metaverse business mainly includes the operation of the metaverse essay contest, digital collection platform and metaverse culture lab. The Company also provides animation product Spotlight and romance novel platform Kiss for overseas users. The Company mainly conducts its businesses in the domestic and overseas markets.
GangGang E-commerce Shanghai Co.,LTD agreed to acquire Shanghai MorningTec Co., Ltd. from COL Digital Publishing Group Co., Ltd. for approximately CNY 320 million.
COL GROUP CO.,LTD. 
