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Hunan TV & Broadcast to Acquire 51% Stake in Mobile Internet Firm 'Jiuzhi Tianxia'

Hunan TV & Broadcast, 6/12/15

Hunan TV & Broadcast Intermediary (000917.SZ) has announced it will acquire a 51% stake in Shenzhen-based mobile internet firm Jiuzhi Tianxia Technology. The transaction involves an equity transfer combined with a cash consideration of RMB 325 mln.

Jiuzhi Tianxia operates Android app store Jiuzhi Market, mobile game distribution platform Jiuzhi Youxi, and mobile browser Jiyu Browser. Jiyu Browser alone has amassed 4.7 mln active users. As of 2013, Jiuzhi Market and Jiuzhi Youxi had seen a combined 527 mln app downloads.

At the end of last year, Jiuzhi Tianxia had total assets worth RMB 38.75 mln, net assets worth RMB 34.77 mln and full-year revenues of RMB 51.94 mln, yielding a 2014 net profit of RMB 31.67 mln.

The firm's original investors have guaranteed the company will generate net profits of RMB 5.5 mln, RMB 7.5 mln, RMB 85 mln and RMB 130 mln for the years 2015 through 2018, respectively, excluding non-operating losses or gains.

Keywords: Jiuzhi Tianxia Jiuzhi Market Jiuzhi Youxi Jiyu Browser wireless app store Hunan TV Hunan TV & Broadcast Intermediary mobile Internet television M&A mobile application mobile gaming 000917.SZ

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