On June 21, 2021, the China Securities Regulatory Commission approved the stock issuance of Mango Excellent Media Co., Ltd. ("Mango Excellent Media", stock code: 300413) to specific targets ("this offering"). Mango Excellent Media intended to raise CNY 4.5 billion of funds in this private placement, and all raised funds would be used for the expansion of the content library of Mango TV’s smart audio-visual media service platform. On August 12, 2021, Mango Excellent Media issued their report: The Issuance of A Shares to Specific Objects by Mango Excellent Media in 2020. The total proceeds raised from this offering was CNY 4,499,999,972.24.
The main business of Mango Excellent Media is Mango TV Internet videos, content production and media retail for interactive entertainment via new media. After the completion of this offering, the financial strength of Mango Excellent Media will be greatly enhanced. The fund raising was carried out to enhance the development of Mango Excellent Media and is conducive to the further expansion of its business and assets scale, enhances its anti-risk capability, improves its core competitiveness and consolidates the company’s dominant position in the industry.
Mango Excellent Media is a state-controlled enterprise listed on the Shenzhen Stock Exchange. It operates domestic internet video platforms. The regulatory requirements of state-owned asset authorities, other relevant business authorities as well as the securities regulatory authorities needed to be taken into consideration in this offering. JunHe acted as the counsel to the issuer and participated in the entire process of the project. JunHe’s team conducted comprehensive legal due diligence on the issuer, assisted in the preparation of the announcement documents and replied to feedback from the security regulatory authorities. JunHe assisted the issuer in demonstrating and responding to whether a notification of concentration of undertakings was required for this offering and if it violated the Anti-monopoly Guidelines of the Anti-monopoly Commission of the State Council on Platform Economies. In addition, this offering was promoted simultaneously with the introduction of a strategic investor project by the controlling shareholder of Mango Excellent Media through public solicitation and transfer (JunHe acted as the legal counsel). JunHe represented the clients in many rounds of negotiations and assisted the controlling shareholders of Mango Excellent Media to complete the share sale at a final transaction price of over CNY 6,200 million. With their rigorous and efficient work style, and meticulous and dedicated service attitude, JunHe won the recognition and trust of Mango Excellent Media and the other intermediaries.