To: Finance Section Editors/Reporters
[For immediate release]
Credit China to Acquire 51% of Equity Interest in Qiyuan Tianxia at
A Consideration of RMB204 Million
To Set Foot in Mobile Gaming Business for Cross-business Synergy
(1 February 2016, Hong Kong) Credit China Holdings Limited ("Credit China" or the "Company"; together with its subsidiaries, the "Group", stock code: 8207), a leading integrated internet finance service provider in China, announced that the Group will acquire 51% of equity interest in Shenzhen Qiyuan Tianxia Technology Company Limited ("Qiyuan Tianxia") at a consideration of RMB204 million. The Group will acquire the Sale Shares from the Seller at a Purchase Consideration of RMB174 million and subscribe for the Subscription Shares at a cash subscription price of RMB30 million. The guaranteed profit for the deal shall not be less than RMB50 million in 2016.
Qiyuan Tianxia is principally engaged in the research and development, operation, and distribution of computer and mobile games, the core members of which have worked in industry-leading companies such as Sohu Changyou and CMGE with extensive mobile gaming experience. Qiyuan Tianxia acquired the right for mobile game adaptations of two literary works with extensive influence in China - "Six Magic Books" (六道天書) and "The New Three Swordsmen" (刀劍笑新傳) and the Hollywood movie - "The Hunger Games" (饑餓遊戲), in order to explore global market. The Company has also reserved various game projects for future development.
Mr. Phang Yew Kiat, vice-chairman and chief executive officer of Credit China, said, "The management team from Qiyuan Tianxia is comprised of professionals with over 30 years' experience and skills in the mobile gaming industry, which is the important asset for the Group to diversify into this sub-sector. We believe that the acquisition could have synergistic benefit to growing our user base by leveraging on the large base of mobile gaming users, and expanding our products and services in our online third-party payment platform, which would in turn lead to increased traffic and transaction volumes on our various internet finance platforms within our ecosystem. We expect all these would ultimately develop payment habit and achieve a larger wallet share among our users to enhance the Group's value."
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About Credit China Holdings Limited (Stock code: 8207)
Credit China Holdings Limited listed on the Stock Exchange of Hong Kong in November 2010. It is also a leading integrated internet finance service provider targeting SMEs. Credit China provides comprehensive, fast and convenient short-term loans and financing solutions to SMEs and individuals. The major financing service areas are: 1) Online Third-party Payment; 2) P2P Housing Loans; 3) Online P2P Loans; 4) Real Estate Collateralised Loans; and 5) Online Micro-finance.
Please subscribe to Credit China's HK wechat account to keep abreast of regular updates on the Group's business development.
Company website: www.creditchina.hk
Credit China's HK wechat account: creditchina8207
This press release is released by PR ASIA Consultants Limited, on behalf of Credit China Holdings Limited.
For more information or enquiries, please contact:
Lorraine Lam / Sam Choi / Sadie Lo
Tel: (852) 3183 0230 / 3183 0242 / 3183 0260
Fax: (852) 2583 9138
E-mail: creditchina@prasia.net
End of Press Release