Panax Notoginseng Mutual Entertainment plans to raise 1.4 billion to acquire the remaining 20% stake in Aurora Network.

Panax Notoginseng Mutual Entertainment, which is in a leading position in the game industry, is ready to add to its main business again. On the evening of Sept. 4, Sanqi Mutual Entertainment announced that in order to further improve its net profit, the company plans to acquire the remaining 20% stake in Jiangsu Aurora Network Technology Co., Ltd. with 1.4 billion yuan in cash to achieve full control.

Panax Notoginseng Mutual Entertainment, which is in a leading position in the game industry, is ready to add to its main business again.

on the evening of Sept. 4, Panax Notoginseng Mutual Entertainment announced that in order to further improve its net profit, the company plans to acquire the remaining 20% stake in Jiangsu Aurora Network Technology Co., Ltd. (hereinafter referred to as Aurora Network) with 1.4 billion yuan in cash to achieve full control.

the reporter noticed that while increasing the size of the game industry, the performance of Panax Notoginseng Mutual Entertainment has also increased significantly. According to the company's semi-annual report for 2017, the net profit in the first half of this year reached 851 million yuan, up 75% from the same period last year. The net profit of auroral network, the target of the acquisition, increased by 89.49% in the first half of this year.

< strong > wholly-owned Jiangsu Aurora Network < / strong >

on the evening of September 4, Sanqi Mutual Entertainment announced that the company signed the Asset purchase Agreement and profit compensation Agreement with Hu Yuhang, shareholder of Aurora Network on the same day. According to the agreement, the company plans to buy Hu Yuhang's 20 per cent stake in Aurora Network for 1.4 billion yuan in cash. Upon completion of the transaction, Aurora Network will become a wholly-owned subsidiary of Panax Notoginseng Mutual Entertainment.