Update: H&R Century Cancels Backdoor Listing Agreement
Taiya, 9/11/14
Plans for Beijing-based film and TV show producer and investor H&R Century to backdoor list on the Shenzhen Stock Exchange through shoe manufacturer Taiya Shoes (002517.SZ) have been halted, according to a Taiya announcement. Any further capital restructuring plans for Taiya have been put on hold for at least the next 3 months. The reason provided for the cancellation was the failure of both companies to come to an agreement on the particulars of the proposed asset swap.
According to a source close to the matter, the China Securities Regulatory Commission (CSRC) had also yet to approve the agreement, which influenced the decision to halt the backdoor listing.
Editor's Note: For more background on this topic, please see "H&R Century to Backdoor List through Taiya Shoes" MD 7/18/14 issue.
Keywords: TV content production film production television CSRC Shenzhen Stock Exchange listing Taiya Shoes 002517.SZ bourse H&R Century Pictures
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