Wasu to Conduct Backdoor Listing on Shenzhen Stock Exchange
Shenzhen Stock Exchange, 5/10/11
Hangzhou-based DTV and IPTV operator Wasu Digital Television Media Group has signed a reverse merger agreement with Hunan-based aluminium, PVC, polyurethane, and plastic products manufacturer Genuine New Material Group (000156.SZ). Genuine New Material Group will sell its entire assets to Hunan's Xiang Hui Asset Management in order to repay outstanding debts, after which Wasu will transfer its new media and Hangzhou cable TV network assets into Genuine New Material Group in exchange for shares issued in a private placement to Wasu and affiliated parties. Upon completion of the private placement, Wasu's share of the company will be at least 51%.
Keywords: IPTV television DTV cable TV Shenzhen Stock Exchange Wasu listing M&A
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