Shaoxing Lanyue Film and Television Partnership Enterprise (Limited Partnership) signed a Share Transfer Agreement to acquire 60% stake in Zhejiang Shengxi Huashi Cultural Media Co., Ltd from Xilinmen Furniture Co.,Ltd for CNY 360 million.
December 29, 2020
Share
Shaoxing Lanyue Film and Television Partnership Enterprise (Limited Partnership) signed a Share Transfer Agreement to acquire 60% stake in Zhejiang Shengxi Huashi Cultural Media Co., Ltd from Xilinmen Furniture Co.,Ltd (SHSE:603008) for CNY 360 million on December 29, 2020. Under the terms of transaction, Shaoxing Lanyue Film and Television Partnership will pay 20% of consideration before December 31, 2020, 30% of consideration before February 28, 2021, 25% of consideration before February 28, 2022 and the last remaining 25% of consideration shall be paid before February 28, 2023.
As of September 30, 2020, in Zhejiang Shengxi Huashi Cultural Media had total assets and net assets as CNY 1.03 billion and CNY 275.3 million respectively. For year ended December 31, 2019, the revenue and net loss of Zhejiang Shengxi Huashi Cultural Media was CNY 124 million and CNY 62 million respectively. Transaction is subject to the shareholders’ approval. Transaction has been approved in 13th Meeting of the Xilinmen Furniture Co., Ltd held on December 29, 2020. As per shareholder meeting held on January 14, 2021, Xilinmen Furniture Co.,Ltd's shareholders approved the transaction. Lu Chonghua, Yu Ye of Zhejiang Tiance Law Firm acted as legal advisors for Zhejiang Shengxi Huashi Culture Media Co., Ltd.
Xilinmen Furniture Co., Ltd is principally engaged in the design, research, development, production and distribution of furniture products. The Company's major businesses include civil furniture business, hotel furniture business and movie and television (TV) culture business. Civil furniture business is involved in the sale of mattresses, soft beds and other bedroom furniture. The Company operates its hotel furniture business primarily through the offering of indoor furniture and decoration related wood products for starred hotels and large public construction projects. Its movie and TV culture business consists of the investment, production, distribution and related businesses of movie and TV programs.
Shaoxing Lanyue Film and Television Partnership Enterprise (Limited Partnership) signed a Share Transfer Agreement to acquire 60% stake in Zhejiang Shengxi Huashi Cultural Media Co., Ltd from Xilinmen Furniture Co.,Ltd for CNY 360 million.