Zhongnan Red Culture Group Co., Ltd. cancelled the acquisition of 18.4% stake in Bai'an Film Industry Co., Ltd. from Jiangsu Zhongnan Films Co., Ltd.
May 14, 2019
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Zhongnan Red Culture Group Co., Ltd. (SZSE:002445) signed an agreement to acquire 18.4% stake in Bai'an Film Industry (Shanghai) Co., Ltd. from Jiangsu Zhongnan Films Co., Ltd. for CNY 46 million on May 14, 2018. The consideration will be paid in one single installment in cash within 20 days from the signing of the agreement. Zhongnan Red Culture Group Co., Ltd. fulfilled the consideration from its own funds. As of December 31, 2017, Bai'an Film Industry (Shanghai) Co., Ltd. had total assets of CNY 48.8 million and net assets of CNY 31.1 million. For the year ended December 31, 2017, Bai'an Film Industry (Shanghai) Co., Ltd. had operational income of CNY 23.9 million and net profit of CNY 7.8 million. The board of Zhongnan Red Culture Group Co., Ltd. approved the transaction in the 21st meeting of 3rd directorate on May 14, 2018. The transaction does not need approval from shareholders.
Zhongnan Red Culture Group Co., Ltd. (SZSE:002445) cancelled the acquisition of 18.4% stake in Bai'an Film Industry (Shanghai) Co., Ltd. from Jiangsu Zhongnan Films Co., Ltd. on May 14, 2019.
Zhongnanhong Culture Group Co., Ltd., formerly Jiangyin Zhongnan Heavy Industries Co., Ltd., is a China-based company, principally engaged in culture and media business. The Company operates its businesses through two segments. The Culture business segment is engaged in the investment, plan, manufacture, publication and distribution of television and film projects and derived business, artist management, copyright development and operation, game production and distribution and equity investment. The Manufacturing Business segment is engaged in the manufacture and distribution of pipe fittings, flanges and pressure vessels. The Company distributes its products within domestic market and to overseas markets.
JIANGYIN ZHONGNAN HEAVY INDUSTRIES CO.,LTD 
