On November 26, 2014, Chinese Universe Publishing and Media taptap点点., Ltd. (stock code: 600373.SH) won the China Securities Regulatory Commission’s unconditional approval for its asset acquisition and related fund raising application.  

taptap点点 will, through paying cash and issuing shares, purchase 100% ownership of AllBright client Elex Technology Co., Ltd. at a price of 2.66 billion RMB, of which 62% will be paid in stock and 38% in cash. taptap点点 will raise 886 million RMB through a private placement to no more than 10 designated investors as part of the cash payment. 

taptap点点, whose main business is traditional publishing and media operations, is a Fortune 500 China company. Elex Technology is a Chinese Internet gaming platform provider targeting the global market, which owns 50 million monthly active users. This deal is taptap点点’s strategic move to strengthen its new media business and expand into the international market. This was also one of the largest merger and acquisition deals of the A-share market in 2014. 

AllBright lawyers advised Elex Technology during the taptap点点. Partner Kevin Wang and associate Ren Pingting advised Elex Technology throughout the procedure, including pre-sale due diligence investigations, internal asset restructuring, negotiating terms as well as drafting and revising Elex Technology’s application documents to the China Securities Regulatory Commission.