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    9911   KYG6464H1011

NEWBORN TOWN INC.

(9911)
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Newborn Town Inc. entered into an agreement to acquire a 11.50% stake in NBT Social Networking Inc. from BGFG Limited for approximately HKD 730 million.

10/10/2021 EST

Newborn Town Inc. (SEHK:9911) entered into an agreement to acquire a 11.50% stake in NBT Social Networking Inc. from BGFG Limited for approximately HKD 730 million on October 9, 2021. Newborn Town acquire 21.850 million shares of NBT Social Networking Inc. The consideration comprises of two parts, being a cash consideration of HKD 281,580,000 and the issuance of 100 million Shares of the Newborn Town. Subject to the successful Completion, Newborn Town pay HKD 140.79 million in cash on or before the Post-Completion Payment Date or December 31, 2021, whichever is later; and pay another HKD 140.79 million in cash on or before the Post-Completion Payment Date or June 30, 2022, whichever is later. The net profit before taxation of NBT Social Networking for the year ended December 31, 2020 was approximately HKD 233.668 million. The necessary resolution(s) having been passed by the shareholders of the Newborn Town at the shareholders? general meeting and by the Directors of the Company approving the Equity Transfer Agreement and all and any transactions contemplated hereunder and all and any matters related to such transactions in accordance with the requirements of the Hong Kong Listing Rules. All necessary filings, approvals, announcements and circulars required by SEHK, SFC and/or under the Hong Kong Listing Rules and/or under any other laws, rules, code and regulations of Hong Kong have been duly completed or obtained. Independent board committee recommended the Independent Shareholders to vote in favor of the transaction at the meeting to be held on December 17, 2021. If the Acquisition has not completed on or before December 31, 2022, the Equity Transfer Agreement shall automatically terminate unless the parties to the Equity Transfer Agreement otherwise agree. Completion shall take place within 20 business days after the fulfilment (or waiver, if applicable) of all the conditions precedent under the Equity Transfer Agreement or such other date as the Vendor and Company may mutually agree upon in writing. CMBC Capital Holding limited acting as a financial advisor to Newborn Town Inc. and Somerley Capital Limited has been appointed as the independent financial adviser to the Independent Board Committee and the Independent Shareholders for the transaction. Beijing PG Advisory Co., Ltd., is acting as an independent valuer.


ę S&P Capital IQ 2021
All news about NEWBORN TOWN INC.
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11/24Controlling Shareholder Boosts Stake in Newborn Town; Shares Soar 4%
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10/18Newborn Town Inc. Provides Revenue Guidance for the Nine Months Ended September 30, 202..
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10/10Newborn Town Inc. entered into an agreement to acquire a 11.50% stake in NBT Social Net..
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09/24Tranche Update on Newborn Town Inc.'s Equity Buyback Plan announced on September 29, 20..
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09/20NEWBORN TOWN INC.(SEHK : 9911) added to S&P Global BMI Index
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09/15NEWBORN TOWN : Chairman Ups Stake to 30.93%
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08/29NEWBORN TOWN : Why Newborn Town is the best performing Chinese Internet company this year
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More news
Financials
Sales 2021 2 363 M 371 M 371 M
Net income 2021 288 M 45,2 M 45,2 M
Net Debt 2021 - - -
P/E ratio 2021 17,9x
Yield 2021 -
Capitalization 3 676 M 472 M 577 M
Capi. / Sales 2021 1,56x
Capi. / Sales 2022 1,08x
Nbr of Employees 515
Free-Float 49,0%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 3,68 CNY
Average target price 6,11 CNY
Spread / Average Target 66,1%
EPS Revisions
Managers and Directors
Ping Li Chief Executive Officer & Executive Director
Chun He Liu Chairman
Shujin Chi Independent Non-Executive Director
Sichen Huang Independent Non-Executive Director
Ming Gao Independent Non-Executive Director
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