Micro Whale Technology plans to invest 450 million yuan in Konka, which lost 130 million yuan last year

Konka announced its plan for a non-public offering of A-shares. Among them, Weijing Technology will spend approximately 450 million yuan to subscribe for 95.5414 million shares, holding 3.14%.

On April 13, Konka announced its plan for a non-public offering of A-shares. Among them, Weijing Technology will spend approximately 450 million yuan to subscribe for 95.5414 million shares, holding 3.14%. In addition, the announcement also disclosed Weijing Technology's 2015 financial data. Weijing Technology's 2015 revenue was 137.8 million yuan and a net loss of 131.5 million yuan.

Konka raised 3.03 billion yuan for smart TV research and development.

According to the plan, Konka will provide 6 specific objects, including OCT Group, Nanjing Chuangyi, Weijing Technology, Beijing Yunnuo, Beijing Yunshiji, Ningbo Saite, etc., at a price of 4.71 yuan/share. The total number of non-public offerings of A-shares does not exceed 636942675 shares, and the total amount of funds raised does not exceed 3 billion yuan.

Before this non-public offering, OCT Group and its concerted actors held 722108042 shares of Konka, holding 29.99%, and were Konka's controlling shareholder; the State-owned Assets Supervision and Administration Commission of the State Council held 100% equity of OCT Group and were the actual controller of Konka. In this transaction, OCT Group plans to subscribe for 297239915 A-shares in this non-public offering. After the transaction is completed, OCT Group and its concerted parties hold shares accounting for 33.48% of Konka's total share capital after the issuance. OCT Group remains Konka's controlling shareholder, and the State-owned Assets Supervision and Administration Commission of the State Council remains the actual controller of Konka.

Konka said that of the funds raised, 300 million yuan will be used for the construction of smart TV R & D and operation platforms; 700 million yuan will be used for brand and channel construction; 500 million yuan will be used to repay bank loans; and the remaining 1.5 billion yuan will be used to supplement working capital.

The announcement of Weijing Technology's net loss of 131.5 million yuan in 2015

also disclosed the shareholding structure and financial status of Weijing Technology.

Weijing Technology was established on April 24, 2015. The legal representative is Li Huaiyu and the registered capital is 200 million yuan. Suzhou Industrial Park Purple Cat Information Consulting Co., Ltd. is the sole shareholder of Weijing Technology. Suzhou Industrial Park Zimao Information Consulting Co., Ltd. was established by Zhu Min and Gu Jiong with a contribution of 250,000 yuan respectively. Microwhale Technology's main business scope includes smart TV, content services, Internet software and hardware, audio equipment, e-commerce, etc.

In fact, the team behind Microwhale Technology is not just that. Among them, Li Huaiyu is the co-founder and CEO of Microwhale Technology, Li Ruigang, chairman of the Chinese Cultural Industry Investment Fund, serves as the founder and chairman of Microwhale Technology, Feng Xincheng, former executive editor-in-chief of New Weekly, serves as the chief content officer, and musician Li Jian serves as the chief artistic consultant of Microwhale Technology. In addition, Li Ruigang also revealed that Chinese Culture, Alibaba, Tencent, and China People's Radio will conduct in-depth cooperation in terms of capital, policies, technology, content, services, etc. to jointly build a micro-whale TV.

In addition, according to disclosed information, Microwhale Technology's revenue in 2015 was 137.8 million yuan and a net loss of 131.5 million yuan. Total assets are 185.2 million yuan.

Microwhale Technology released its first 55-inch 4K Internet TV in August 2015. The product is priced at 3799 yuan for hardware products and 199 yuan for microwhale membership annual fee. In March this year, a new TV product, 55-inch W50J, codenamed "Assassin", was released and pre-sold on Jingdong on the same day, with a price of 3398 yuan.

Editor: yvonne