CCID Media Acquires Film Production Firm
Shenzhen Stock Exchange, 12/06/12
Chinese media firm CCID Media (000504.SZ) issued a public filing today announcing that it signed an equity transfer agreement for Beijing-based film production company Fuyu Shiji Culture and Media on December 2 with shareholders Fu Xingyong and Wang Deyou. Under the terms of the agreement, CCID Media will pay RMB 2.48 mln in cash to acquire Fu and Wang's 90% and 10% shares of Fuyu Media.
CCID Media will also issue more shares of stock in order to raise RMB 618 mln, RMB 478 mln of which it will invest in Fuyu Media to increase the company's operating funds for film and television production and investments.
Fuyu Media was established on June 18, 2007. The company has received shooting permits for the films 201314, Yong bu Bianxing de Jingang (literally "Non-transforming Transformers"), and Hong Quan, the first of which will be released in theatres in early 2013.
Keywords: Fuyu Shiji Fu Xingyong Wang Deyou film television 000504.SZ CCID Media film production M&A
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