Aisidi to Acquire mAPPn Technology
Shenzhen Stock Exchange, 9/24/13
Chinese national wholesale handset distributor Shenzhen Aisidi Industry (002416.SZ) announced today that the company plans to acquire a 100% stake in Beijing-based mobile application developer and app store operator mAPPn Technology through a three-phase acquisition. In the fourth quarter of 2013, Aisidi will purchase 54.12% of mAPPn at a price determined by mAPPn's actual 2013 profit (profit x 13 x 54.12%). Aisidi will invest an additional RMB 40 mln in mAPPn at the same time it purchases the 54.12% stake in the company. Following this purchase, Aisidi will make two additional purchases to acquire full control of the company, under the condition that mAPPn achieves its profit targets.
mAPPn CEO and majority shareholder Tan Yi has guaranteed that the company will realize profits of RMB 40 mln, RMB 52 mln, and RMB 67.60 mln in 2014, 2015, and 2016, respectively. Tan has agreed to compensate Aisidi with a cash payment if the targets are not met. In 2012, mAPPn saw revenue of more than RMB 28.29 mln and profit of more than RMB 2.63 mln. Between January and July of 2013, the company recorded revenue of more than RMB 35.86 mln and profit of more than RMB 7.79 mln.
mAPPn has developed and released 4 mobile games, with the company's business primarily focusing on mAPPn's mobile app store Gfan Market, Gfan discussion forums, and Android hardware, software and IT information web portal Gfan.com.
Keywords: app developer Tan Yi profit revenue wireless Aisidi app store 002416.SZ mAPPn Gfan mobile gaming M&A
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