Shangwei shares terminated acquisition of Luo Yonghao, the main operator of live broadcast e-commerce business, XingKong yewang

Shangwei shares (600333. SH) announced yesterday evening that the company held the 36th meeting of the 4th board of directors yesterday, deliberated and passed the “proposal on termination of cash payment to purchase 40.27% equity and related party transactions of Chengdu star sky yewang Technology Co., Ltd.”. < p > < p > Shangwei held the 33rd meeting of the 4th board of directors on November 6, 2020, deliberated and passed the proposal on paying cash to purchase 40.27% equity and related party transactions of Chengdu star wild hope Technology Co., Ltd., and agreed that the company plans to purchase 40.27% equity of star wild hope with its own and self raised funds of no more than 589 million yuan. At the same time, Li Guangyuan, the shareholder of the listed company, transferred his 25.9953 million shares of the listed company (hereinafter referred to as “agreement transfer”) to Li Jun, Longquan Qianxiu Internet partnership (limited partnership) and Kong Jianping by means of agreement transfer. The above cash purchase and agreement transfer are mutually conditional. According to the announcement, < p > < p > the company actively carried out due diligence, audit, evaluation and other related work on the target company after signing the relevant agreement on the cash acquisition with the shareholders of the target company. In this process, the State Administration of Market Supervision issued the guiding opinions on strengthening the supervision of online live broadcasting marketing activities, the State Administration of radio and television issued the notice on strengthening the management of online show live broadcasting and e-commerce live broadcasting, and the state network information office issued the regulations on the management of Internet direct broadcasting marketing information content service (Draft) (hereinafter referred to as the “new regulations”) From the legal record, marketing directory, minors protection and other aspects of the live marketing industry to make norms. If the new regulations are formally implemented, it will have a great impact on the development of the live broadcast industry where the target company is located. Considering the above factors, the listed company and the shareholders of the underlying Company re judged the core terms of the transaction, such as valuation and pricing, profit forecast and gambling. After repeated and careful discussion, they finally failed to reach an agreement. In order to ensure the interests of the company, both parties have decided to terminate the cash acquisition after careful consideration and friendly negotiation. < / P > < p > the cash acquisition and the agreement transfer are the premise of each other. After the cash acquisition transaction is terminated, the agreement transfer will be terminated immediately. The short form equity change report issued by Li Jun, Kong Jianping and Longquan Qianxiu, which is related to the transfer of this Agreement and has been disclosed, will become invalid. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.