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CSRC Conditionally Approves 4 Gaming Company Acquisitions, 2/27/14

The China Securities Regulatory Commission (CSRC) recently announced conditional approval of gaming company-related acquisition plans from four companies, including mobile game developer Ourpalm (300315.SZ), Fuzhou-based umbrella manufacturer Susino (002174.SZ), Chinese telecom equipment manufacturer Datang Telecom (600198.SH), and Guangdong-based animation company Alpha Animation and Culture (002292.SZ). Details of the plans are below:

Ourpalm plans to acquire a 100% stake in Beijing-based mobile game developer Playcrab Technology and a 70% share of Shanghai-based mobile game developer and operator Shangyou Information Technology for a total of more than RMB 2.55 bln;

Susino plans to acquire a 100% stake in Shanghai-based game developer and operator Uuzu Information Technology (002174.SZ). Uuzu, currently appraised at a value of more than RMB 3.84 bln, will complete a backdoor listing on the Shenzhen Stock Exchange through Susino;

Datang Telecom plans to acquire a 100% stake in Guangzhou-based browser and mobile game developer and operator Yaowan Yule Network Technology for RMB 1.7 bln;

Alpha Animation and Culture plans to acquire a 100% share in Shanghai-based mobile game developer 4inch Information and a 100% share in Beijing-based mobile game developer Ai Le You Information Technology (5agame) for a total of RMB 692 mln.

The CSRC has asked that each company submit supplementary materials based on its audit suggestions within 10 business days.

Editor's Note: For more background on this topic, please see "Ourpalm to Acquire Playcrab, Shangyou" MD 10/16/13 issue, "Uuzu Enters Backdoor Listing Agreement" MD 10/24/13 issue, "Datang Telecom to Acquire Gaming Firm Yaowan" MD 6/27/13 issue, and "Alpha Animation to Acquire Two Mobile Gaming Firms" MD 10/23/13 issue.

Keywords: Susino mobile gaming wireless 600198.SH Datang Telecom Alpha Animation CSRC Shangyou Ourpalm Uuzu 300315.SZ Yaowan Playcrab 4inch Ai Le You 002292.SZ 002174.SZ M&A regulation

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