CSRC Approves Zhejiang Daily Media 180 Mln Share Private Issue

BiaNew, 1/29/13

The Zhejiang Daily Media Group (600633.SH) announced in a filing today that plans for a private issuing of A-shares were approved by the China Securities Regulatory Commission (CSRC) last week. Zhejiang Daily Media Group will issue up to 180 mln shares of stock to as many as ten investors, including controlling shareholder Zhejiang Daily Media Holding Group and Shanghai Qixi Investment Management (unofficial translation). Shares will be sold at a minimum price of RMB 13.90 per share, raising a total of up to RMB 2.5 bln in funds for the company, the balance (less issuance fees) of which will be used for the acquisition of 100% of both Hangzhou-based chess and board-game developer Bianfeng Software Technology and Shanghai-based social platform Holdfast Online Information Technology.

Editor's Note: For more information on this topic, please see "Zhejiang Daily Media Acquires Holdfast, Bianfeng," MD 5/10/12 issue.

Keywords: financing Internet Holdfast Bianfeng Software Zhejiang Daily Media Group 600633.SH M&A

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