China Sports Industry Group fails to transfer equity

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Late on April 17, China Sports Industry Group Co., Ltd. disclosed the result of its equity transfer. In the process of soliciting the transferee of the controlling stake, the potential buyer is unable to satisfy what the Sports Fund Management Center of the General Administration of Sport of China requires. Therefore there is no eligible potential transferee for this collection. As a result, the China Sports Industry Group is resuming its stock trading on April 17th.

Previously the China Sports Industry Group replied to enquiries from the Shanghai Stock Exchange late on February 9 that its largest shareholder, the Sports Fund Management Center of the General Administration of Sport of China, had sought out four potential buyers for the controlling stake and its financial advisor Cinda Securities conducted the due diligence and was expected to finish it by early March.

It is reported that the four potential buyers include Sunline Group whose legal representative is Liu Yiqian and a company whose legal representative is Lei Zhengjian and is a subsidiary of LeSports.

Source: Sina Finance

‍‍‍‍Proofread by Sean O Diobhilin