Eschde acquisition of Jifeng network 100% stake in hand tour business

Eschde has made substantial strides towards mobile value-added and hand-travel business. The company announced that 22nd, with the development of Smart Technology (Beijing) Co., Ltd. shareholders signed a memorandum of cooperation, the proposed phased acquisition of the company 100% Equity. Mai Ben Smart registered capital of 19.17 million yuan, is operating Jifeng network and Jifeng mobile phone client business, the only main business, mainly covering the Jifeng market, Jifeng Portal, Jifeng Forum and Jifeng Games, is one of the main Android application market, has been successfully developed 4 hand tour. Shanyi is a smart legal representative, holding a 49.32% per cent stake in the company and is the main trader of the transaction, the bulletin said. Shanyi is now as CEO of Jifeng Network. As of July 31, 2013, the smart total assets of the 33.3235 million yuan, the net assets of 23.4332 million yuan; 2013 1-July, Michael Ben Smart to achieve operating income of 35.8676 million yuan, net profit of 7.798 million yuan (data without audit). The acquisition will be staged in three phases, with the first phase acquiring a 54.12% per cent share, the purchase price being 13 times times the actual net profit of 2013, multiplied by the proportion of the acquired equity.