News Column

Taiya Shoes to Swap with H&R Century

July 18, 2014

BEIJING, July 18, SinoCast -- Taiya Shoes (SZSE: 002517) will swap all its assets and liabilities it hold with 100% stake in H&R Century Pictures and pay for the different by non-publically issuing shares to H&R's shareholders and in cash.

After the restructuring, Taiya's main business will change to film and TV program production and publication and related derivative business from the production and sale of shoes. Taiya's share structure will be scattered as Lin Songbo and Lin Shiyi will directly and indirectly hold an about 18.39% stake; Chen Yuan, Zhong Junyan and their persons acting on concert hold an about 13.33% stake; Enlight Media and Ourpalm will hold an about 3.09% and 2.75% stake.

Based on the benchmark evaluation date on June 30, 2014, to-be-exchanged-out assets' estimated value was CNY 700 million; to-be-exchanged-in assets' estimated value was CNY 2.738 billion.

H&R specializes in the investment, production and publication of films and TV programs as well as related derivative business.

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Source: Sinocast Internet, Media & Online Services Beat (China)

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