CMGE Plans Reverse Merger, Eyes Shenzhen Re-Listing

2015-12-04 15:57 Resource:ChinaMoneyNetwork yangbingbing

China Mobile Games & Entertainment Group Ltd. (CMGE), a Guangzhou-based mobile game developer taken private by a group of investors in August, is planning to list in Shenzhen via a reverse merger.

Shenzhen-listed auto parts maker Zhejiang Century Huatong Group Co. revealed in a stock exchange disclosure that it plans to purchase China Mobile Games & Entertainment and some other gaming assets.

Century Huatong is to raise RMB11 billion via a private placement to help purchase the assets, which are worth a combined RMB13.5 billion (US$2.1 billion).

Orient Securities Co., Changjiang Securities Co. and Beijing HT Capital Investment Management Co. acquired then NASDAQ-listed China Mobile Games & Entertainment in August for US$352 million in a take private deal.

Last month, another Chinese game developer Shanda Games Ltd. completed a take-private deal almost two years after the company received an initial privatization proposal.

After some investors withdrew from the deal, current investor consortium including Chinese wool producer Ningxia Zhongyincashmere International Group, Orient Securities, Haitong Securities and other individual investors acquire Shanda at US$7.10 per American Depository Share (ADS), in a transaction valuing the company at approximately US$1.9 billion.


From: http://www.chinamoneynetwork.com/2015/12/02/cmge-plans-reverse-merger-eyes-shenzhen-re-listing 

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