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CBK Digest, June 25, 2015

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GOING PRIVATE NEWS

Momo Receives “Going Private” Offer
The board of Beijing-based Momo Inc. (Nasdaq: MOMO), which only debuted on Nasdaq in December 2014, received a “Going Private” from Mr. Yan Tang, co-founder, chairman and CEO, Matrix Partners China II Hong Kong Ltd. , Sequoia Capital China Investment Management L.P. , and Huatai Ruilian Fund Management Co., Ltd. It is priced at $18.90 per ADS. Momo is a mobile social networking platform.

SEC FILING: FORM 6-K (June 23, 2015)
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China Information Receives “Going Private” Offer
The board of Shenzhen-based China Information Technology, Inc. (Nasdaq: CNIT) has received management-backed “Going Private” offer, dated June 19, 2015. The offer comes from Chairman and CEO, Mr. Jianghuai Lin, and other executives. It is priced at $4.43 per ordinary share. CNIT is an Internet service company that provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, health care, new media, finance and transportation sectors.

SEC FILING: FORM 6-K (June 22, 2015)
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Vimicro Receives “Going Private” Offer
The board of Beijing-based Vimicro International Corp. (Nasdaq: VIMC) received a management-backed “Going Private” offer dated June 21, 2015. It is led by founder, chairman and CEO, Dr. Zhonghan (John) Deng and other executives. ADS shares priced at $13.50. The company provides video surveillance technology and solution provider that designs, develops and markets a full range of video surveillance products and solutions to governments, private enterprises, and consumers in China.

SEC FILING: FORM 6-K (June 22, 2015)
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Mindray Creates “Special Committee”
The board of Shenzhen-based Mindray Medical International Ltd. (NYSE: MR) has created a Special Committee to evaluate its “Going Private” proposal. It includes three independent directors, Mr. Ronald Ede, Mr. Kern Lim and Mr. Qiyao Wu.

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iDreamSky Retains Advisors
The board of Shenzhen-based iDreamSky Technology Ltd. (Nasdaq: DSKY), which announced it had received a “Going Private” offer last week, has retained Duff & Phelps as its financial advisor and Shearman & Sterling as its United States legal counsel to assist the Special Committee in its work.

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DEALS

KKR to Buy Major Shares in Tarena
KKR plans to buy a 13 percent stake in Beijing-based Tarena International Inc. (Nasdaq: TEDU) from existing pre-IPO shareholders, including funds managed by affiliates of Goldman Sachs and IDG Technology Venture Investments. The purchase will cost approximately $70 million. This investment coincides with the founder, chairman and CEO, Mr. Shaoyun Han, buying up a 3.8 percent stake from selling shareholders for approximately $20.5 million. Han intends to fund the purchase via a convertible bond to KKR. The transactions are expected to close in July 2015.

Baidu Prices Shares
Beijing-based Baidu Inc. (Nasdaq: BIDU) has priced its public offering of $1.25 billion aggregate principal amount of its notes. The offering consists of $750 million of 3.000 percent notes due 2020 and $500 million of 4.125 percent notes due 2025. The company expects to receive net proceeds from the offering of approximately $1.24 billion, after deducting expenses. It intends to use the net proceeds from the offering for general corporate purposes. The notes are expected to be listed on the Singapore Exchange.

DIVIDEND

Nam Tam Declares Dividend
Shenzhen-based Nam Tai Property Inc. (NYSE: NTP) will pay out its third quarter cash dividend of $0.02 per common share on June 30, 2015.

COMPLIANCE

China Recycling Receives Compliance Notice
Xi’an-based China Recycling Energy Corp. (Nasdaq: CREG) received a Bid Price Deficiency letter from Nasdaq. The shares were trading below the minimum of $1.00. for 30 days.