Chinese media progresses with Langzhi Network acquisition

Chinese Universe Publishing And Media Group (SSE:600373) announced further progress in its acquisition of a 58% stake in Beijing Langzhi Network Media Technology Co., Ltd. The initial agreement, approved in March 2024, involved a cash purchase of shares from several entities and individuals for a total consideration of CNY 640,760,124.36. Due to restrictions related to certain transferring parties holding positions as directors or senior management within Langzhi Network, the share transfers were structured in tranches. The first batch of transfers was completed in April 2024. On May 21, 2025, the transfer of the second batch of shares has been approved by Beijing Dongcheng District Market Supervision and Administration Bureau, and the company's articles of association have been filed. Chinese Media had also completed the cancellation of the pledge registration for the entrusted shares equivalent to the number of shares transferred in the second batch on May 15, 2025.