Shi Yuzhu serves as chairman of Century Cruises, Giant Network's backdoor return to A shares ends

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Giant Network's return to A-shares with Century Cruises has ended, and business legend Shi Yuzhu has become the company's new chairman. On the evening of May 22, Century Cruises issued four announcements intensively, announcing three things: the completion of the equity transfer of Giant Network, the completion of management blood exchange, and the new issuance of approximately 51.39 million shares, raising nearly 5 billion yuan.

According to statistics, Shi Yuzhu holds a number of listed companies such as Minsheng Bank, Hua Xia Bank, Liaoning Chengda, etc. through his giant investment and Shanghai Jiante Life Technology, spanning health care products, finance, Internet, media and other industries.

Giant Network's return to A-shares with Century Cruises has ended, and business legend Shi Yuzhu has become the company's new chairman. On the evening of the 29th, Century Cruises Company announced that the ninth meeting of the company's board of directors elected Shi Yuzhu as the chairman of the fourth board of directors; in addition, the meeting agreed that the company should establish a wholly-owned subsidiary in Hong Kong to expand overseas business with an investment amount of no more than 20 million US dollars.

The biggest beneficiary of the soaring share price of Century Cruises after it was borrowed was Shi Yuzhu. According to the restructuring plan, Century Cruises issued 443 million shares to counterparties at a price of 29.58 yuan/share. Shi Yuzhu indirectly holds about 153 million shares of Century Cruises. In addition, according to statistics, Shi Yuzhu holds a number of listed companies such as Minsheng Bank, Hua Xia Bank, Liaoning Chengda, etc. through his Giant Investment and Shanghai Jiante Life Technology, spanning health care products, finance, Internet, media and other industries.

Shi Yuzhu was born on September 15, 1962 in Bengbu Ciyt, Anhui Province. He is a famous entrepreneur. After graduating from Shenzhen University in 1989, he immediately went to the sea to start a business. In 1992, Zhuhai Giant High-Tech Group was founded in Zhuhai City. In 1994, he invested in health care products. The first product was "Brain Gold". Later, he almost went bankrupt due to the rupture of the capital chain due to the investment in Giant Building, and owed 250 million yuan in debt. In 2000, Shi Yuzhu started his own business again and launched the "melatonin" business. On March 12, 2009, in the Forbes Global Rich List, Shi Yuzhu ranked 468th with US$1.5 billion, ranking 14th in mainland China. In 2012, it ranked 22nd in Fortune China's 50 Most Influential Business Leaders list. On April 9, 2013, Giant Network announced that Shi Yuzhu had resigned as CEO due to personal reasons. In January 2016, Shi Yuzhu returned to Giant Network.

On the evening of May 22, Century Cruises issued four announcements intensively, announcing three things: the completion of the equity transfer of Giant Network, the completion of management blood exchange, and the new issuance of approximately 51.39 million shares, raising nearly 5 billion yuan. The announcement stated that 100% of Giant Network's equity has been transferred to the listed company and relevant industrial and commercial registration change procedures have been completed. The transfer procedures for the assets to be purchased for the material asset reorganization have been completed, and the listed company has legally and effectively obtained the assets to be purchased. In this transaction, Giant Network's 100% equity stake is valued at RMB 13.1 billion. In addition, Liu Wei, president of Giant Network, served as the company's general manager, and all the original management members withdrew.

When it landed on the New York Stock Exchange in 2007, Giant Network's market value exceeded 26 billion yuan; when it completed delisting delivery in July 2014, its valuation was equivalent to approximately 20 billion yuan. However, Giant Network's acquisition price was only 13.1 billion yuan, which is only more than 60% of the delisting price.

With the completion of this backdoor borrowing, it is foreseeable that Century Cruises will soon be renamed "Giant Network". Prior to this, Focus Media, which was delisted from U.S. stocks, had successfully borrowed from Qixi Holdings and renamed its shell company Qixi Holdings to "Focus Media." Shi Yuzhu's re-emergence means that Giant Network will face major changes. With the successful backdoor borrowing, Shi Yuzhu and Giant Network will also embark on a new journey.

Editor: yvonne