Date
22 September 2017

Restaurant firm Xiangeqing buys into entertainment, paper says

Caterer Beijing Xiangeqing Co. Ltd. (002306.CN) is making a move into media with an agreement to acquire a majority stake in production house Beijing CCTV Splendid Film and TV Corp. Ltd., National Business Daily reported Friday. Under the terms of the deal, Xianggeqing will buy at least 51 percent of Beijing CCTV Splendid Film and TV at no less than 10 times the P/E if its net profit is no less than 50 million yuan (US$8.17 million). The production company booked a net profit of 13.48 million yuan on revenue of 68.07 million in 2013, and has forecast its 2014 net profit to be 52.36 million yuan and revenue 300 million yuan, the report said.

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