On November 25, Gelonghui reported that Longban Media (605577.SH) announced that its wholly-owned subsidiary, Xinhua Bookstore Group, intends to acquire 100% equity of Daqing Bookstore held by the publishing group through cash payment using its own funds. After the completion of the trade, Daqing Bookstore will become a wholly-owned subsidiary of the company. According to the assessment report, the net asset valuation of Daqing Bookstore is 51.8084 million yuan, and the transaction price is RMB 51.8084 million.
This trade is a necessary procedure for the company to fulfill its commitments to the China Securities Regulatory Commission. When the company was listed, it made a commitment to the China Securities Regulatory Commission: to resolve the issue of competition in the same industry, within three years from the date of the initial public offering and listing, to acquire all the equity of Daqing Xinhua Bookstore under fair and reasonable terms and conditions, achieving full coverage of the company's distribution business in the Daqing area. Now, the corporate restructuring of Daqing Bookstore and its subordinate Xinhua Bookstores has been fully completed, and there are no substantial legal obstacles for Longban Media's subsidiary Xinhua Bookstore Group to acquire Daqing Bookstore. This trade is an important milestone for the company in completing the integration of major distribution channel businesses within the province. By completing this trade, Xinhua Bookstore Group will achieve full coverage of distribution channels within the province, optimizing the allocation of various business resources, further improving the company's industrial structure, and enhancing its operational strength and core competitiveness.
