Fei Le audio acquisition plan was approved by Shen An, the final price of 1.59 billion yuan

On August 12th, Shanghai Feile Audio Co., Ltd. (referred to as “Fei Le Audio”) issued the “Announcement on the Major Asset Restructuring Issues Approved by the Shanghai State-owned Assets Supervision and Administration Commission”, and agreed in principle to the company’s major asset restructuring plan.

The announcement shows that the company recently received the approval of the Shanghai State-owned Assets Supervision and Administration Commission on the issue of major assets restructuring of Shanghai Feile Audio Co., Ltd. (Hua SASAC Property Rights [2014] No. 213), and agreed in principle to the company's board of directors Beijing Shenan United Co., Ltd. issued RMB 168,442,082 shares of RMB common stock as part of the consideration for the acquisition of 100% equity of Beijing Shenan Investment Group Co., Ltd., and issued RMB to Shanghai Yidian Electronics (Group) Co., Ltd. and Shanghai Xinlian Investment Consulting Co., Ltd. respectively. 76,412,609 shares of common stock and 1,300,000 shares to raise matching funds.

The restructuring plan of Feile Audio intends to acquire 100% equity of Beijing Shenan Group by issuing shares and paying cash, and the final price of Beijing Shenan Group is 1.59 billion yuan. Feile Audio intends to issue 246 million shares, of which the target company's shareholder Shen An jointly subscribed for 168 million shares, and the major shareholder Yidian Electronics Group and the company's management holding company subscribed for 78 million shares in cash.

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