Kunlun Wanwei sold 3% stake in Yingke for 210 million yuan, which was valued at 7 billion yuan

On September 22, A-share company Kunlun Wanwei announced that its wholly-owned subsidiary Kunnuo Yingzhan plans to transfer its 3% equity stake in Millywood Network, the operating company of the live broadcast App Yingke, to Jiaxing Guangxin at a transfer price of 210 million yuan. After the share sale, Kunnuo Yingzhan, a subsidiary of Kunlun Wanwei, still holds 10.23% of Yingke's shares.

On September 22, A-share company Kunlun Wanwei announced that its wholly-owned subsidiary Kunnuo Yingzhan plans to transfer its 3% equity stake in Millywood Network, the operating company of the live broadcast App Yingke, to Jiaxing Guangxin at a transfer price of 210 million yuan. After the share sale, Kunnuo Yingzhan, a subsidiary of Kunlun Wanwei, still holds 10.23% of Yingke's shares.

It is reported that Millywood Network currently owns two mobile apps,"Yingke" and "Mi Live", and its core business is still concentrated on the research and development and operation of Yingke. Yingke currently ranks at the forefront of the domestic mobile live broadcast field. Based on the equity price of Kunlun Wanwei's transfer, the current valuation of Yingke's operating company Millywood Networks is 7 billion yuan.

On January 4, 2016, Kunlun Wanwei used the company as an investment entity to invest RMB 68 million (68 million yuan) in Millywood Networks, the operating company of the live broadcast APP Yingke, to subscribe for the new registered capital of Yingke. RMB 226,690 yuan, obtained 18% equity after the completion of Yingke's capital increase. Subsequently, the company transferred all of Yingke's equity to its wholly-owned subsidiary Kunnuo Yingzhan. After multiple rounds of financing, Kunnuo Yingzhan's equity in Yingke is currently diluted to 13.23%. After the share sale, Kunuo Wincan still holds 10.23% of Yingke's shares.

Kunlun Wanwei sold part of Yingke's equity this time, perhaps in order to quickly withdraw funds to invest in more projects after enjoying the benefits of investment.

Kunlun Wanwei said that through this equity sale, the company achieved an investment income of 194.6 million yuan, which will help improve the company's performance and shareholder returns. In addition, this transaction is beneficial to the company's cash liquidity, helps the company revitalize funds, and improves the company's operating capabilities. Improve the company's comprehensive competitiveness and add new profit growth points to the company. The proceeds from asset sales will be used to supplement working capital and business investment in the company's new strategy.

Just on September 20, Kunlun Wanwei also announced that Kunnuo Yingzhan would invest 7 million yuan in Tuzi Culture and hold a 10% stake in the latter after the capital increase is completed. Tuzi Culture is a cultural company founded by the well-known comic celebrity on Weibo Shizizi. It is mainly engaged in comic content creation and the development and licensing of related derivatives. It is committed to building a comic IP and comic hero tribe in China.

Editor: yvette