Contemporary Mingcheng wholly acquired Xinying Sports with a valuation of approximately 3.9 billion yuan

The announcement shows that this major asset reorganization plans to purchase assets by issuing shares and paying cash, and may raise matching funds as appropriate. The specific details are still being communicated with relevant parties and relevant departments and have not yet been finalized.

Original title: Contemporary Mingcheng wholly acquired Xinying Sports Xinying

Sports and became the target of contemporary Mingcheng's major asset reorganization. On the evening of April 11, Contemporary Mingcheng announced that the company plans to acquire 100% equity of the target Super Sports Media Inc., which will be realized through transaction arrangements such as acquisition of equity of Wuhan City Xinying Sports Co., Ltd., a domestic project company. The announcement shows that this major asset reorganization plans to purchase assets by issuing shares and paying cash, and may raise matching funds as appropriate. The specific details are still being communicated with relevant parties and relevant departments and have not yet been finalized.

Xinying Sports was jointly invested and established by IDG Capital and New Yadi Media. It has exclusive rights to use and distribute the Premier League in mainland China and Macau from 2010/11 to 2018/19. Previously, a Hong Kong-listed company Cultural Communication Group Co., Ltd.(hereinafter referred to as "Cultural Communication") announced that it planned to acquire New Ying Sports, but soon announced that it would terminate the acquisition plan. At that time, some analysts said that the failure to obtain subsequent Premier League copyright was the main reason why Cultural Communication attached importance to acquisitions. It is reported that Suning won the Premier League copyright for the 2019-2022 season for more than 5 billion yuan.

It is reported that the price of contemporary Mingcheng's acquisition of Xinying Sports has not yet been announced. According to news when Cultural Communication acquired Xinying Sports in May last year, Xinying Sports's valuation was about 3.9 billion yuan. The acquirer, Contemporary Mingcheng, acquired Double-edged Sword Sports for 820 million yuan in August 2015 and officially entered the sports industry. Since then, it has also carried out a series of arrangements, including the acquisition of Chongqing Lifan, La Liga Granada and a series of large-scale transactions. According to the company's 2016 financial report, Contemporary Mingcheng's revenue was 569 million yuan, a year-on-year increase of 31.98%, and its net profit was 122 million yuan, a year-on-year increase of 128.51%. The company's revenue from sports marketing and consulting business was 170 million yuan, including 53.02 million yuan from sports marketing, 11 million yuan from sports video, 98.46 million yuan from sports tourism and others, and revenue from sports brokerage was 7.73 million yuan.

Editor: Nancy