Giants network officially delisted seven years discount nearly half

The giant network of privatized transactions was officially delisted last Friday. Today, the New York Stock Exchange, have not seen the figure of this company. The company's stock price was set at $ 11.92 at the close of last Friday with a market cap of $ 2.87 billion.

November 1, 2007, the giant network officially landed on the New York Stock Exchange, became the United States was the largest listed Chinese private enterprises. Giant Internet IPO price of 15.5 US dollars, financing 887 million US dollars. The first day of listing on the giant network closed at 18.23 US dollars, more than the issue price rose 2.77 US dollars, or 17.6%, the market value of nearly 50 billion US dollars.

Listed for nearly seven years, the giant network market lost nearly half.

The giants' privatization transaction was first proposed on November 25 last year and signed an agreement on March 17 this year, which was approved on July 14 at a special general meeting of shareholders. The merger agreement was approved at the extraordinary general meeting on July 14, 2014. Under the agreement, all eligible Giant Network shareholders will receive an offer price of US $ 12 per common share, or US $ 12 per ADA ("ADS").

On July 21, Giant Networks announced that it has completed the merger agreement with Giant Merger, a wholly-owned subsidiary of Giant Investment, on March 17, 2014, and the merger agreement signed on May 12, 2014 Supplement agreement. Under the agreement, Giant Investments Limited acquired the giant network for about $ 3 billion in cash.

The privatization of a listed company is mainly to avoid the cumbersome regulatory policies, so as to focus more management's attention on the company's development prospects. As for the future, according to sources, the giant network is likely to be listed in Hong Kong next year.

Giant's latest May 22, 2014 earnings release showed that for the first quarter of fiscal 2014, which was March 31, Giant's first quarter fiscal 2014 net revenue was RMB575.1 million (about 92.5 million US $), up 0.4% from RMB572.8 million in the same period of last year. Net profit attributable to shareholders of the company was RMB1,260 million (approximately US $ 194 billion), an increase of 269.9% from RMB326.0 million in the same period of last year.