Lehman shares acquired 49% stake in China Vision New Culture, China Vision Media surged 50%

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China Vision New Culture, the target company that Lehman shares intend to purchase this time, is a holding subsidiary of China Vision Media, the counterparty of this transaction. China Vision Media is a NASDAQ listed company in the United States. Due to the fact that relevant policies on overseas listed companies returning to A-share listings have not yet been clarified, it was decided to apply to China Securities Regulatory Commission to suspend the review of this merger and reorganization application. The previous transaction plan of the two parties was that the 100% equity of China Vision New Culture would be valued at 780 million yuan, of which about 50% would be paid out through the issuance of shares by Lehman Shares.

On the evening of the 19th, Lehman disclosed its announcement to acquire a stake in China Vision New Culture in cash. Lehman plans to acquire a 49% stake in China Vision New Culture held by China Vision Media for 382 million yuan. In the plan, China Television Media used all 321.2 million yuan of the 382.2 million yuan equity transfer proceeds it obtained to purchase the company's shares directly and indirectly held by Li Mantie, one of the company's controlling shareholder and actual controllers, through an agreed block transaction.

The essence of this transaction is that Lehman shares acquired a 49% stake in China Television New Culture with 61 million yuan in cash +321 million yuan in shares. Affected by this news, China Television Media opened lower and walked higher, rising to US$9.45 and then fell slightly. As of the temporary suspension, China Television Media reported US$8.08, up 50.75% from the close of the previous trading day.

It is worth noting that on July 21, Lehman announced that the board of directors reviewed and approved the proposal to apply to the China Securities Regulatory Commission to suspend the review of mergers and acquisitions applications. China Vision New Culture, the target company that Lehman shares intend to purchase this time, is a holding subsidiary of China Vision Media, the counterparty of this transaction. China Vision Media is a NASDAQ listed company in the United States. Due to the fact that relevant policies on overseas listed companies returning to A-share listings have not yet been clarified, it was decided to apply to China Securities Regulatory Commission to suspend the review of this merger and reorganization application.

Previously, the transaction plan of the two parties was that the price of 100% equity of China Vision New Culture was 780 million yuan, of which about 50% would be paid by issuing shares by Lehman Shares. Lehman would issue 20,774,680 shares at the issue price of 18.80 yuan/share, that is, Lehman Shares would have to pay a consideration of approximately 390 million yuan to China Vision Media and HD Investment for issuing shares. Another 50% of the consideration was paid in cash, with a cash payment of 390 million yuan.

According to the previous plan, after the transaction is completed, China Television Media will indirectly hold approximately 5.6% of Lehman shares through China Television Media subsidiaries. However, according to the current transaction plan, China Television Media's stake in Lehman will be less than 5.6%.

Editor: yvonne