Update: CSRC Approves Shunrong Acquisition of Sanqiwan
Shunrong, 12/03/14
Wuhu-based automobile components manufacturer Shunrong Automobile (002555.SZ) has announced that the China Securities Regulatory Commission (CSRC) has authorized it to issue new shares as part of the firm's acquisition of Shanghai-based online game developer and operator Sanqiwan Network Technology.
Shunrong will issue 74,751,500 shares to Sanqiwan president Li Weiwei and 68,389,700 shares to Sanqiwan CEO Zeng Kaitian as part of its purchase of Sanqiwan. The CSRC has also approved Shunrong's non-public offering of no more than 47,713,700 new shares to raise additional funding for the company.
Editor's Note: For more background on this topic, please see "Automobile Components Manufacturer to Acquire Sanqiwan" MD 10/10/13 issue.
Keywords: 002555.SZ Internet CSRC Sanqiwan Li Weiwei Zeng Kaitian Shunrong online gaming M&A