Koala FM's parent company Cheyu Media wants to introduce a fashion fund of 400 million yuan to increase capital with an overall valuation of 1.105 billion yuan

On the afternoon of July 5, it was reported that Cheyu Media Group, the parent company of online audio service platform Kola FM, was planning to dismantle the VIE (Variable Interest Entity) structure and return to China, and planned to introduce a capital increase of approximately 400 million yuan in funds owned by A-share companies.

Original title: Kola FM's parent company plans to dismantle the VIE structure with an overall valuation of 1.105 billion yuan

. On the afternoon of July 5, it was reported that Cheyu Media Group, the parent company of online audio service platform Kola FM, is planning to dismantle the VIE structure and return to China, and plans to introduce A shares The company's funds increased by approximately 400 million yuan.

A-share company Saturday Co., Ltd.(hereinafter referred to as "Saturday") stated in an announcement signing the "Acquisition Framework Agreement" that it initiated the establishment of the Shenzhen Saturday Fashion Innovation Industry M & A Fund (hereinafter referred to as the "Fashion Fund") has signed a framework agreement with relevant parties of Cheyu Group. According to the agreement, Cheyu Group will implement the VIE split structure. At the same time, the Fashion Fund plans to invest 408.9605 million yuan to increase the capital of the entities operated by Cheyu Group in China. After the domestic reorganization and the completion of this transaction, the Fashion Fund holds 37.01% equity in the audio operation platform entity under the original Cheyu Group and 37.01% equity in the Internet Radio Platform entity.

The audio operation platform entity and the Internet radio platform entity are the two main independent business entities of Cheyu Group in China after the reorganization is completed.

Fashion Fund valued the overall operating entities of Cheyu Group in China at 1.105 billion yuan, including a valuation of 500 million yuan for the audio operation platform entity and a valuation of 605 million yuan for the Internet radio platform entity. This time, it invested 185,050,000 yuan for the audio operation platform entity and 223,910,500 yuan for the Internet radio platform entity.

Cheyu Group's audio operation platform involves traditional radio terminals + network applications, while the Internet radio platform is Koala FM assets.

Data shows that Cheyu Group was established in 2007. The actual controllers are Yu Qingmu, chairman of Cheyu Group, and Li Bin, chairman of Yiche. Since its establishment, it has cooperated with 300 radio stations across the country, using program production and distribution, and entire station operation. Broadcast channels cover nearly 300 cities across the country, reaching a total of 500 million users.

The announcement pointed out that Koala FM currently has more than 160 million users. In terms of content, Cheyu Group collects copyright resources such as music, audiobooks, and programs, and at the same time implements platform management of broadcaster resources. UGC and PGC account for 60% of audio content. Currently, it has accumulated 10 million issues, totaling 8 million hours of audio content. In addition, more than 80,000 anchors contribute content to the platform, and more than 200 cross-industry self-media and grassroots Ubs produce content for Koala, with more than 10 million fans.

In addition, the announcement stated that for the current domestic mainstream Internet of Vehicles application scenarios, Koala FM is currently the only Internet radio station that can provide a full range of mobile locomotive interconnected audio entertainment access solutions. In addition, Koala FM has reached strategic cooperation with nearly 50 automobile brands based on the Internet of Vehicles, covering more than 90% of mainstream automobile brands, including exclusive cooperation with more than 10 brands. In addition, Koala FM has also customized cooperation with nearly 50 TSP service providers, smart hardware manufacturers, and smart hardware solution providers. In 2015, the number of in-vehicle users reached 5 million.

Regarding investment purposes, the announcement stated on Saturday that the future development of hardware intelligence and automobile intelligence will bring broad development space to the audio industry. Cheyu Group relies on its in-depth layout in the audio industry ecosystem, rich operating experience and technical reserves, as well as in-depth cooperation resources in the in-vehicle channel, will have the opportunity to usher in a new round of rapid development in the future.

Editor: Nancy