Yu Fei intends to sign a transfer agreement to acquire an additional 51% stake in Shanghai Leisure Film and Television Co., Ltd. from Zhejiang Talent Television and Film Co., Ltd. (SZSE:300426) for CNY 7.8 million on September 6, 2019. As per the terms, payment will be done in one single installment within 6 months since signing of the respective agreement. Post acquisition, Zhejiang Talent Television will no longer hold any equity in Shanghai Leisure Film. As of December 31, 2018, Shanghai Leisure Film reported total assets of CNY 13.6 million, net assets of CNY 11.8 million, revenue of CNY 14.5 million and net profit of CNY 6 million. The transaction has been approved by the 30th meeting of the 3rd directorate of Zhejiang Talent Television and no approval is needed from its shareholders meeting.
Yu Fei cancelled the acquisition of an additional 51% stake in Shanghai Leisure Film and Television Co., Ltd. from Zhejiang Talent Television and Film Co., Ltd. (SZSE:300426) on September 6, 2020.