Hunan state investment Approximate acquisition of Sadie Media

According to Sadie Media announced today, the Hunan state investment will be spent 638 million yuan to buy Sadie Media 25.58% of the shares, Hunan Trust is the deal entrusted to shareholders. After the transfer of the shares, Hunan Trust as a trustee of the shareholders, will become the company's first major shareholder.

The announcement said that Hunan Trust was entrusted with the Ministry of Industry and Information technology computer and Microelectronics Development Research Center (hereinafter referred to as "CCID") signed the "Share Transfer agreement", CCID will hold its own 79,701,655 shares of the company's state-owned corporate shares (accounting for 25.58% of the company's total equity) Transferred to the Hunan Trust, each share in RMB 8.0055 yuan price transfer, the total price of RMB 638,051,599 yuan. After the transfer of the shares is completed, CCID will no longer hold the shares of the company.

Hunan Trust Department to accept the delegation of Hunan province, through the trust method, to carry out the equity acquisition activities.

Hunan State-owned Investment Operation Co., Ltd. (referred to as "Hunan Country Investment"), formerly known as Hunan Province State-owned Assets Investment Management Corporation. Company in July 1993 by the Hunan Provincial People's government approved the establishment of specialized in state-owned assets Investment, operation, trading, services, wholly state-owned companies. November 2009, approved by Hunan Provincial People's government, the company restructured into a wholly state-owned limited liability company. Hunan Caixin Investment Holding Co., Ltd. is the sole investor.

Sadie Media is an established listed company, the second year after the establishment of Shenzhen Stock Exchange (1992) began listing, formerly known as June Hong Kong and Macao. In 2000, ccid the asset replacement, after the reorganization of the company named Sadie Media. Sadie Media 2008, 2009 listed companies for two consecutive years of losses, the current listed companies in the flat media business growth, network media business is at the initial stage of development, the business situation in 2010 is still not optimistic.

In order to improve the profitability of listed companies ' assets, Hunan State has become a controlling shareholder of listed companies, and will speed up the study of asset reorganization programs, make efforts to achieve the target of loss of listed companies and transform the current unfavourable operating situation. In the next 12 months, the Hunan state will invest in the implementation of the assets of Sadie Media reorganization, the company's low income, heavy burden of non-performing assets to replace the listed companies, the specific reorganization issues will be completed in the interest changes, together with the listed companies for detailed analysis.

The announcement said that after the change of the rights and interests, Hunan State investment and listed companies will remain personnel independence, asset integrity, financial independence, business independence and institutional independence, the transaction for Sadie Media operating independence without substantive impact.

The share transfer is subject to the approval of the Ministry of Industry and Information Technology and the Ministry of Finance.