Sanqi Mutual Entertainment transferred equity in Zheyuan Culture to earn 110 million yuan, and will join hands with the "poisonous tongue" to lay out the network

Panax notoginseng mutual entertainment ushered in a "good start". Sanqi Mutual Entertainment announced today that the company transferred its 20% stake in Shanghai Yuanyuan Culture and Media Co., Ltd. (hereinafter referred to as "Mianyuan Culture") to Carole Interactive for 195 million yuan, which is expected to generate an investment income of 110 million yuan.

original title: Panax notoginseng mutual entertainment transfers Yuanyuan cultural equity to earn 110 million yuan will join hands with the "poisonous tongue Movie" team layout network movie

Panax Notoginseng Mutual Entertainment acquired the above Yuanyuan cultural equity through capital increase in July 2015. the initial investment was 85 million yuan, which took less than 18 months. This transfer will undoubtedly increase the company's profits in the first quarter of 2017. After the completion of the equity transfer, Panax Notoginseng Mutual Entertainment will no longer hold Yuanyuan cultural shares.

interestingly, Sanqi Mutual Entertainment announced last month that it planned to increase its capital by 80 million yuan to subscribe for a 1.55% stake in Carole Interactive, a mobile game company, and Carole Interactive was the recipient of this transaction. According to the announcement, Xizang Daolin, the largest shareholder of Carole Interactive, currently holds a 42.23% stake in Carole Interactive, while Xizang Daolin also holds the remaining 80% stake in Xian Yuan Culture. From this point of view, the 20 per cent stake held by Sanqi Mutual Entertainment at a premium will strengthen the controlling position of Xizang Daolin and GE Zhihui, the actual controller, and may also pave the way for Carole Interactive to move towards the capital market.

Sanqi Mutual Entertainment said that the sale of the above equity assets will help improve the company's performance and shareholder returns, benefit the company's cash liquidity and enhance its operating capacity.

the company also announced that through its wholly-owned subsidiary Xizang Pacific, it plans to contribute 5 million yuan to participate in the establishment of a media industry fund, accounting for 19.99%, mainly investing in online movie projects recommended by good guys Media, and continue to add to the field of pan-entertainment.

it is worth noting that the shareholder of good guy Media is the operator of the well-known Wechat official account "poisonous tongue Movie". Sanqi Mutual said that the joint professional institutions' participation in the establishment of a media fund is intended to obtain investment returns and share the return on investment in the fast-growing online film industry. In the future, there is also the possibility of adapting the producers of its popular game IP authorized media fund investment into online movies or online movies invested by media funds into games.

in addition, Panax Notoginseng Mutual Entertainment announced some new changes in the company's management on the evening of January 5. At the company's first interim shareholders' meeting in 2017 and its subsequent board of directors, Mr. Wu Weidong of the Wu family was still chairman of the fourth board of directors of the company, and Mr. Li Weidong was elected vice chairman and general manager of the company. Mr. Ye Wei was appointed Secretary of the Board of Directors and Chief Financial Officer of the company.

Edit: yvette