Lukang Culture (601599): 408 Million 900 Thousand Yuan To Xinyu To Sell The 47% Stake In Tianyi TV.
Lukang culture (601599.SH) announced that in December 13, 2019, the company signed a "share transfer agreement" with Xinyu, Wu Yi. The company intends to sell 47% stake in Tianyi film to Xinyu, and the transaction price is 408 million 900 thousand yuan.
After the completion of the equity transfer, the shareholding ratio of the company has decreased from 96% to 49%. Tianyi film is no longer a subsidiary of the company, and is no longer included in the merger of the company's financial statements.
Since 2018, due to the influence of external economic and industrial policy environment, Tianyi film and television company has suffered a sharp decline in its revenue from TV and drama business. Its receivables have been slow to return, and its financial costs have been continuously improved. Business performance has also suffered losses. Until now, the influencing factors have not yet been completely eliminated, and the film and television industry has not shown signs of improvement.
Based on the analysis and prediction of the development trend of the film and television industry, the macroeconomic environment and the future business situation, the management of the company adjusts the strategy in a timely manner, and decides to deepen the main industry for the steady development, and gradually strip off the investment in the film and television sector. After transferring the 47% stake of Tianyi film and television company to Xinyu, the company is no longer a subsidiary holding company of the listed company, and no additional support fund is received. Moreover, the company can receive a share transfer fund in the short term, and more funds can be used for the main business development, so as to provide financial support for the steady development of the main textile industry next year. Next, the company will focus on the main industry, deeply cultivate the industry, effectively resolve the potential risks of the company, and lay the foundation for the steady development of the company in the future.
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