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CBK Digest, July 9, 2015

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GOING PUBLIC NEWS

Hailiang IPOs on Nasdaq
–Trades Up
Zhuji-based Hailiang Education Group Inc. (Nasdaq: HLG) debuted on the Nasdaq on July 7, 2015, under the symbol “HLG.” The initial public offering of 2.858 million ADSs were priced at $7 per share and raised $20 million in proceeds. Hailiang Education is a provider of private K-12 educational services in China. The company was founded in 1995. Network 1 Financial Securities, Inc. acted as the underwriter for the best efforts offering. Burnham Securities Inc., acted as a member of the Selling Group.

GOING PRIVATE NEWS

YY Receives “Going Private” Offer
The board of Guangzhou-based YY Inc. (Nasdaq: YY) received a “Going Private” proposal dated July 9, 2015, from Mr. Jun Lei, Chairman of the Board, and Mr. David Xueling Li, director and Chief Executive Officer. The offer if priced at $68.50 per ADS. YY is an interactive social platform that engages users in real-time online group activities through voice, text and video.

DangDang Receives “Going Private” Proposal
The board of E-Commerce China Dangdang Inc. (NYSE: DANG) received a “going private” offer dated July 9, 2015, from Ms. Peggy Yu Yu, Chairwoman of the Board, and Mr. Guoqing Li, director and Chief Executive Officer of the Company . The offering price is $7.812 per ADS. Dangdang is a business-to-consumer e-commerce company in China.

China Nepster Receives “Going Private” Offer
The board of Shenzhen- based China Nepster Chain Drugstore (NYSE: NPD) received a management backed “Going Private” offer, dated July 6, 2015. The offer comes from Simin Zhang, chairman of the board of directors of the company. It is priced at $1.30 per share or $2.60 per ADS. The company provides pharmaceutical products, nutritional supplements, personal care products.

KongZhong Forms Special Committee
The board of Beijing-based KongZhong Corp. (Nasdaq: KZ) has formed a “Special Committee” to consider its “Going Private” proposal. It consists of two independent directors, Ms. Hope Ni, who will chair the committee, and Mr. Xiaolong Li. KongZhong offers popular mobile games in China and overseas with over 10 smartphone games across various genres being under development, including RPG, RTS, military, fantasy and etc.

Qihoo Board Retains Advisors for “Going Private” Merger
The Special Committee of Beijing-based Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) has retained J.P. Morgan Securities (Asia Pacific) Ltd. as its financial advisor the “Going Private” merger offer and Skadden, Arps, Slate, Meagher & Flom. The buyers group is represented by Kirkland & Ellis.

Vimicro Board Retains Advisors for “Going Private” Merger
The Special Committee of the board of Vimicro International Corp. (Nasdaq: VIMC) has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC as its financial advisor and Kirkland & Ellis as its legal counsel to advise on the company’s recent “Going Private” offer.

AirMedia Board Retains Advisors for “Going Private” Merger
The Special Committee of Beijing-based AirMedia Group Inc. (Nasdaq: AMCN) has retained has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC as its financial advisor and Kirkland & Ellis as its international legal counsel to help with the “Going Private” merger offer.

DEALS

Alibaba Invests in Mei.com
Hangzhou-based Alibaba Group Holding Ltd. (NYSE: BABA) has invested in Mei.com, a flash sales platform for luxury and fashion products. This investment will enhance Mei.com’s supply chain services of the sales of limited time discounted quality products from well-known international luxury and fashion brands to consumers in China.

Noah Board Approves Share Repurchase
The board of Shanghai-based Noah Holdings Ltd. (NYSE: NOAH) has approved a share repurchase program, effective immediately, which authorizes the company to repurchase up to $50 million worth of its issued and outstanding ADS over the course of one year.