Jin Jiang International Group Sells Its Stake in Joyu, Possibly Paving the Way for Latter's Listing
Le Yan
DATE:  Oct 18 2017
/ SOURCE:  Yicai
Jin Jiang International Group Sells Its Stake in Joyu, Possibly Paving the Way for Latter's Listing Jin Jiang International Group Sells Its Stake in Joyu, Possibly Paving the Way for Latter's Listing

(Yicai Global) Oct. 18 -- Speculation on Shanghai Joyu Culture Communication Co.'s (Joyu) future capital operations that has been prevalent since the group submitted a request to the National Equities Exchange and Quotations (NEEQ) to terminate the listing of its shares a few month ago may end soon.

Shanghai Joyu Culture Communication Co. (Joyu), the operator of tourism website Lvmama.com, is considering bold capital actions and may seek a proper market to list in and Hong Kong is the most likely contender, sources told Yicai Global.

Jin Jiang International Group, a major Joyu shareholder, is selling its entire stake in the firm -- 17,820,003 shares (accounting for 16.19 percent of its equity) -- for USD146.4 million (CNY969.8 million) to disentangle capital relationships and pave the way for its listing, per information released by the Shanghai United Assets and Equity Exchange.

Joyu has two other major shareholders -- Ningbo Meishan Bonded Port Zhejiang Equity Investment with a 57.14-percent holding and founder Hong Qinghua with a 16.7-percent stake.

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Keywords:   Lvmama.com,Share Transfer,IPO