Attorneys from Dacheng’s Changsha office recently advised Huafengda Cable Network Holding Co.(hereinafter referred to as “Huafengda”), a subsidiary of Hunan TV & Broadcast Intermediary Co Ltd. (“TIK”) on the acquisition of equity of Guangzhou Digital Media Group Co., Ltd. (“Guangzhou Digital Media”). The team comprises attorneys Jiang Guofu, Zhou Yunren, Guo Sheng and Feng Lu.
Guangzhou Digital Media, founded in May 1993 with RMB102,280,000 in registered capital, is primarily engaged in TV & broadcasting-related basic, extended and value-added services as well as Internet access services. The transaction in question, whereby Huafengda acquired a 21% stake and a 1.5% stake in Guangzhou Digital Media from Shenzhen Tianzheng Investment Co., Ltd. and Shenzhen Ruidao Investment Limited Partnership respectively with RMB495mln in cash, resulted in a combined 22.5% stake held by Huafengda, by now the second biggest shareholder of Guangzhou Digital Media. The strategically important move aims to strengthen TIK’s cable network practice and broaden its nation-wide presence.
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