CHTC Helon Co., Ltd. cancelled the acquisition of Shanghai Lingyu Network Technology Co., Ltd.
January 12, 2017
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CHTC Helon Co., Ltd. (SZSE:000677) made an offer to acquire Shanghai Lingyu Network Technology Co., Ltd. for CNY 1.6 billion in cash and stock on January 12, 2016. In a related transaction, CHTC Helon Co., Ltd. made an offer to acquire miaoju.cn for CNY 1.7 billion in cash and stock. CHTC Helon will raise CNY 1.08 billion through private placement to fund the transaction.
Shanghai Lingyu Network Technology reported total assets of CNY 132.03 million and owner’s equity of CNY 85.59 million as of September 30, 2015. The transaction requires the approval from stockholders of CHTC Helon and the China Securities Regulatory Commission. The transaction was approved by the Board of CHTC Helon. Southwest Securities Co., Ltd. acted as financial advisor to CHTC Helon Co., Ltd.
CHTC Helon Co., Ltd. (SZSE:000677) cancelled the acquisition of Shanghai Lingyu Network Technology Co., Ltd. on January 12, 2017.
CHTC HELON CO., LTD. is a China-based company principally engaged in the production and distribution of textile products. The Company mainly provides canvas and tire cord fabrics, viscose staple fibers, viscose filaments, cotton pulps, among others. The Company mainly distributes its products in domestic and overseas markets.