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CBK Digest, June 19, 2015



Qihoo 360 Receives “Going Private” Offer
Beijing-based Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) received a “Going Private” proposal on June 17, 2015, from Mr. Hongyi Zhou, chairman and CEO of the company, CITIC Securities Co. Ltd. or its affiliates, Golden Brick Capital Private Equity Fund I L.P., China Renaissance Holdings Ltd. or its affiliates and Sequoia Capital China. Class A shares are priced at $51.33; ADS’s $77. The board has formed a special committee consisting of three independent, disinterested directors, Dr. Eric Chen, Dr. Jianwen Liao and Dr. Ming Huang, to consider the offer. Chen will chair the special committee. The special committee has retained Skadden, Arps, Slate, Meagher & Flom as its U.S. legal counsel, and intends to retain an independent financial advisor. Qihoo 360 Technology Co. Ltd. is an Internet company in China.

SEC FILING: FORM 6-K (June 17, 2015)


Bona Film Receives “Going Private” Offer
The board of Beijing-based Bona Film Group Ltd. (Nasdaq: BONA) received a “Going Private” offer dated June 12, 2015, from Mr. Yu Dong , founder, Chairman and CEO of the company, Sequoia Capital China I LP and Fosun International Ltd. ADS’s are priced at $13.70, or approximately $27.40 per ordinary share.

SEC FILING: FORM 6-K (June 16, 2015)

iDreamSky Technology Receives “Going Prviate” Offer
The board of Shenzhen-based iDreamSky Technology Ltd. (Nasdaq: DSKY) received a “Going Private” on June 13, 2015, from Mr. Michael Xiangyu Chen, company chairman and CEO, priced at $3.50 per Class A or Class B ordinary share, or $14.00 in cash per ADS.

SEC FILING: FORM 6-K (June 15, 2015)


AirMedia Group Receives “Going Private” Offer
Beijing-based AirMedia Group Inc. (Nasdaq: AMCN) received a “Going Private” proposal on June 19, 2015, from Mr. Herman Man Guo, Chairman of the Board and CEO of the company, and management. The offer is priced at $6.00 per ADS.

SEC FILING: FORM 6-K (June 19, 2015)

In Brief:
Shanghai-based SINA Corp. (Nasdaq: SINA) has joined the consortium for E-House’s “Going Private” offer.



Ctrip.com Announces $1B in Convertible Notes
Shanghai-based Ctrip.com International, Ltd. (Nasdaq: CTRP) has proposed an offering of $1 billion in principal amount of convertible senior notes due 2020 and convertible senior notes due 2025.

Xinyuan Declares Dividend
Beijing-based Xinyuan Real Estate Co., Ltd. (NYSE: XIN) has declared a dividend for the first quarter of a 2015 of $0.025 per common share, or $0.05 ADS, payable July 2, 2015, to shareholders of record as of June 25, 2015.



InnoSpring Seed Fund Closes $5M
Dubbed Silicon Valley’s first US-China technology incubator platform, InnoSpring Seed Fund, announced that it has closed $5 million for InnoSpring Seed Fund II. It will use some of the money to expand its offices to 13,500 square feet in its Santa Clara offices and will open an office in San Francisco. Fund I investors included Kleiner Perkins Caufield Byers (KPCB) US and China funds, Northern Light Venture Capital (NLVC), GSR Ventures, China Broadband Capital and TEEC Angel Fund. New limited partners in this round include leading investors such as Legend Capital, IDG Capital Partners, Softbank China Capital, Legend Star Fund by Legend Holdings, The Chinese Software Developer Network (CSDN), the largest developer community in China, as well senior executives from Tencent.