On December 16th, Shunya International Inc. (Shunya, stock code: 300612) has announced that it has agreed with MeeLive Network Technology Co., Ltd (MeeLive Network, owner of Inke Live app) to terminate its previously announced agreement to buyout 48.24% of MeeLive Network’s stock.
According to the agreement, if Shunya hasn’t announced the stockholder’s meeting regarding the proposal of this acquisition by December 15th, 2017, then the agreement of cash buyout will be automatically terminated unless both Shunya and MeeLive Network agree to continue the deal with consultation. Since Shunya didn’t announce the stockholder’s meeting, Shunya and MeeLive Network have consulted and signed the ”termination agreement of Shunya International Brand Consulting (Beijing) Co Ltd. cash buyout”.
By the time the agreement was signed, Shunya had temporarily suspended its trading, however, would resume trading on December 18th, and would hold a conference for investors regarding the termination of this acquisition.
Back to September 4th, Shunya announced a major property purchase agreement, planning to buyout 48.25% of the stock value of MeeLive, with a deal value of 2.8 billion RMB. This integration highly values the combination of the two enterprises and the synergy effects the integration would bring. Shunya planned to regroup the resources to maximize the profit from their synergy and to improve the system of a digital marketing chain after the buyout. With the influence of Inke Live, Shunyan aimed to improve its overall competitiveness in the integrated marketing communications field, and to explore the potential value of Inke Live in order to march into the field of digital marketing for the entire population in China, eventually raising the liquidity of MeeLive.
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