Enlight Media to Take 32% Stake in Internet VAS Provider
Shenzhen Stock Exchange, 10/23/12
Chinese TV production company Enlight Media (300251.SZ) issued a public filing today announcing that it intends to invest RMB 75 mln in cash in Zhejiang-based instant messaging and internet value-added service provider Jinhua Changfeng Information Technology. RMB 30.6 mln of the investment will be used to purchase a 17% share of the company already being put up for sale by Jinhua Changfeng, which will be diluted to 14% by Enlight's investment of an additional RMB 44.4 mln to purchase a further 18% of Jinhua Changfeng. Enlight Media will own a 32% stake in Jinhua Changfeng following the transaction.
Jinhua Changfeng was established in 2008 and employs more than 480 people in the fields of instant messaging technology, multimedia, and internet value-added services, where it has years of R&D and operational experience. The company's online video IM site 17Guagua.com is a video-based entertainment SNS platform offering online karaoke, SNS interactions, chat, and educational content. There were more than 60 mln registered Guagua users as of February 2012, 9.6 mln of them active users.
Keywords: Jinhua Changfeng Internet investment television instant messaging Enlight Media 300251.SZ IVAS TV content production
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