Zitong Financial App NewsletterChinese Film (600977.SH)Announcement, the company intends to use its own funds to acquire Huaxia Beijing, Huaxia Oneworld, (collectively referred to as "CINITY related companies") equity. Specifically as follows: 1. Through public delisting to acquire Huaxia Film's 80% stake in Huaxia Beijing and 36% stake in Huaxia OneWorld, with a total transaction price of 332 million yuan; 2. Agreed to buy 15 per cent of Huaxia OneWorld held by GDC at a transaction price of 2.7857 million yuan.

As of the date of this announcement, the company has acquired 80 per cent of Huaxia Beijing and 36 per cent of Huaxia OneWorld held by Huaxia Film at the reserve price through public delisting on the Wen Exchange, and has reached an agreement with GDC on the acquisition of 15 per cent of Huaxia OneWorld, and the relevant transaction contract is being signed.

The announcement shows that Huaxia Beijing and Huaxia OneWorld are the main operators of CINITY products, mainly engaged in high-format film technology research and development and CINITY system production, sales and market operation and other business.

After the completion of this transaction, the company holds 80% equity in Huaxia Beijing and 51% equity in Huaxia OneWorld. Huaxia Beijing and Huaxia OneWorld will become the holding subsidiaries of the company and will be included in the scope of the company's consolidated statements. This investment will help to deepen the company's industrial layout in the field of film science and technology and consolidate its technological leadership. The company dominates the future operation and development of CINITY brands, products and technologies, which will help to drive the development of the high-format film industry through key technology products.