Great Wall Movie and Television Co., Ltd. (SZSE:002071) agreed to acquire 87.5% stake in Beijing Premiere Age Culture Media Co., Ltd. from Jinggangshan Leyi Media Center (General Partnership) and six individuals for CNY 1.1 billion on November 3, 2017. Great Wall Movie and Television Co., Ltd will pay CNY 220 million in cash and issue 91.97 million shares as consideration. Great Wall Movie and Television Co., Ltd will raise CNY 240 million to fund the transaction. Beijing Premiere Age Culture Media Co., Ltd. reported total assets of CNY 138.2 million, total shareholders’ equity of CNY 52.7 million, revenue of CNY 75.7 million, operating profit of CNY 48.4 million and net profit of CNY 42.7 million for the year ended December 31, 2016. The transaction has been approved by Great Wall Movie and Television Co., Ltd. during the 14th session of the 6th directorate meeting (on November 3, 2017) and 15th session of the 6th directorate meeting (on November 16, 2017) and is still subject to approvals including but not limited to Great Wall Movie and Television Co., Ltd. shareholders’ meeting approval and approval of China Securities Regulatory Commission. On February 9, 2018, the transaction is not approved by the Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission. Dongguan Securities Co., Ltd acted as financial advisor, Chen&Co. Law Firm acted as legal advisor and Ruihua Certified Public Accountants (Special General Partnership) acted as accountant for Great Wall Movie and Television Co., Ltd. Great Wall Movie and Television Co., Ltd. (SZSE:002071) cancelled the acquisition of 87.5% stake in Beijing Premiere Age Culture Media Co., Ltd. from Jinggangshan Leyi Media Center (General Partnership) and six individuals on November 3, 2018.