Tangel Publishing Co., Ltd. cancelled the acquisition of 40.11% stake in Hangzhou Paiyu Technology Co., Ltd. from Xu Wen.
June 19, 2016
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Tangel Publishing Co., Ltd. (SZSE:300148) signed a framework agreement to acquire 40.11% stake in Hangzhou Paiyu Technology Co., Ltd. from Xu Wen for approximately CNY 180 million on December 29, 2015. The consideration will be paid in cash. Tangel Publishing will use own funds for the acquisition. Simultaneously, Tangel Publishing will use its own funds of CNY 100 million to carry out capital increase towards Hangzhou Paiyu Technology. After the completion of the capital increase, Tangel Publishing will hold 51.00% stake in Hangzhou Paiyu Technology. Total amount for the stake acquisition and capital increase payment is CNY 280.50 million.
For year ending December 31, 2014, Paiyu Technology had total assets of CNY 8.71 million, total liabilities of CNY 1 million and net asset of CNY 7.71 million. As on December 31, 2014, Paiyu Technology had operating revenues of CNY 4.92 million, total loss of CNY 0.30 million and net loss of CNY 0.30 million. As on September 30, 2015, Paiyu Technology had total assets of CNY 62.55 million, total liabilities of CNY 37.58 million and net asset of CNY 24.98 million. As on September 30, 2015, Paiyu Technology had operating revenues of CNY 72.78 million, total profit of CNY 22.79 million and net profit of CNY 16.85 million.
Tangel Publishing Co., Ltd. (SZSE:300148) cancelled the acquisition of 40.11% stake in Hangzhou Paiyu Technology Co., Ltd. from Xu Wen recently.
Tangel Culture Co Ltd. is a China-based company principally engaged in the publication and issuing of books, as well as the development and operation of mobile online games. The Company's main products include juvenile books, social science books and mobile online games. The Company is also engaged in the provision of Internet education services. The Company distributes its products mainly in domestic market.