Xinhua Media Plans Share Issue To Buy Control Of Jiemian Caixin Media

Xinhua Media (600825.SH) said on Sept. 7 that it plans to acquire control of Shanghai Jiemian Caixin Media Technology Co. by issuing shares, and its stock has been suspended since Sept. 7 for no more than 10 trading days, according to ETNet. The company said the deal is still at the planning stage, with the valuation and pricing of the target asset yet to be determined. Based on preliminary calculations, it is expected to constitute a major asset restructuring but not a backdoor listing. Xinhua Media plans to buy equity in the target company from transaction counterparties including Shanghai United Media Group Cultural New Media Investment Management Co., a wholly owned subsidiary of its controlling shareholder Shanghai United Media Group. The transaction will be a related-party deal.