Kingnet Network Co., Ltd. completed the acquisition of an additional 29% stake in St. Hero' Network Technology Co. Ltd from Jin Danliang and Chen Zhongliang.
August 14, 2023
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Kingnet Network Co., Ltd. signed a share transfer agreement to acquire an additional 29% stake in St. Hero' Network Technology Co. Ltd from Jin Danliang and Chen Zhongliang for CNY 570 million on May 25, 2023. As of December, 2022, St. Hero' Network Technology Co. Ltd reported operating revenue of approximately CNY 2 billion and operating profit of approximately CNY 1.2 billion. The deal has been approved by Directors of Kingnet Network Co., Ltd.
Kingnet Network Co., Ltd. completed the acquisition of an additional 29% stake in St. Hero' Network Technology Co. Ltd from Jin Danliang and Chen Zhongliang on August 15, 2023.
KINGNET NETWORK CO., LTD., formerly TAIYA SHOES CO., LTD., is a China-based company, principally engaged in the research, development and operation of network games, as well as the distribution of mobile application products. The Company operates its businesses through four segments, including Application Products Distribution, Games Distribution, Web Games and Mobile Network Games. The Company is also engaged in the development, transfer, consulting of computer technologies, the distribution of computer software and hardware products, as well as the import and export of goods and technologies. It distributes its products primarily in domestic market and to overseas markets.
Kingnet Network Co., Ltd. completed the acquisition of an additional 29% stake in St. Hero' Network Technology Co. Ltd from Jin Danliang and Chen Zhongliang.