Chengdu Xiecheng Travel Service Co., Ltd. signed a contract to acquire Shanghai Dongfang Huirong Culture Commerce Co., Ltd. from a group of shareholders for approximately CNY 420 million.
August 19, 2020
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Chengdu Xiecheng Travel Service Co., Ltd. signed a contract to acquire Shanghai Dongfang Huirong Culture Commerce Co., Ltd. from a group of shareholders for approximately CNY 420 million on August 20, 2020. As part of the consideration, first installment price is 30% of the transaction price and Chengdu Xiecheng Travel Service Co., Ltd. should pay within three working days from the date of signing contract, second price is 60% of the transaction amount, Chengdu Xiecheng Travel Service Co., Ltd. should pay within five working days after the transaction is approved by the People's Bank of China and the remaining price of CNY 41.68 million shall be paid by Chengdu Xiecheng Travel Service Co., Ltd. on the due date 12 months after the signing of this contract.
Shanghai Xinhua Media Co Ltd is a Chinese company primarily engaged in book publishing. The Company's main businesses include books and cultural and educational supplies. The Company's books cover the fields of humanities, economic management, children, art and other fields. The Company's newspaper business includes 'Five newspapers and one publication' such as 'Shenjiang Service Herald','Real Estate Times','Talent Market News','Shanghai Student English Newspaper','I Times','Morning Post'and so on. The Company is also engaged in media investment, real estate and property operations and advertising campaign marketing. The Company operates its business in the domestic market.
Chengdu Xiecheng Travel Service Co., Ltd. signed a contract to acquire Shanghai Dongfang Huirong Culture Commerce Co., Ltd. from a group of shareholders for approximately CNY 420 million.
SHANGHAI XINHUA MEDIA CO., LTD. 
