Recently, the Review Committee of M&A of Listed Companies of China Securities Regulatory Commission approved the project of Bestv New Media Co., Ltd. (the "BesTV", A-share listed company) in merging Shanghai Oriental Pearl (Group) Co., Ltd. (the "S.O.P", A-share listed company) through absorption, purchasing assets by way of issuing shares and paying cash, and raising funds in the amount of RMB 10 billion by way of issuing shares simultaneously. It marks the birth of the largest Internet listed company (with a value of RMB 130 billion) in China's A-share market.
After the completion of the transaction, BesTV will have distinguishing competitive advantages in the market with a full license in the field, including the IPTV service license, the integrated broadcast and control license and service license for Internet TV, the integrated broadcast and control license for paid digital television, the integrated broadcast and control license and services license for mobile phone TV, the online video business certificate, gaming and entertainment equipment business qualification certificate, film and television program production qualification certificate, online game business certificate., So Bestv's business will cover all media channels of "IPTV, Internet TV, digital TV, network video, mobile TV", which involve Mobile phone, TV, PC, PAD. It realizes the leading business model as "platform sharing, multi screen, full channel coverage" in the Internet Industry.
The examining divisions in this deal involved include SASAC, SARFT, Ministry of Commerce of the People's Republic of China Anti-monopoly Bureau, CSRC and so forth.
As legal counsel for Bestv, Llinks provided a full range of legal services for this project, including restructuring program discussion, due diligence, document drafting and legal opinion issuing.
