(Yicai Global) Aug. 29 -- The Great Wall of Culture Group Holding Co. [SHE: 300089] will acquire Beijing Emerald Education Technology Group Co. through issuance of shares and cash payment to infiltrate the online professional education industry.
The Great Wall of Culture mainly develops and produces artistic ceramics. It has signed a framework agreement with the target company's shareholders to basically finalize the acquisition program, per its announcement yesterday. Details are, however, still subject to negotiations.
As the target company has several subsidiaries and its business covers many cities and regions in China, it will take some time to perform the due diligence, audit and assessment. The Great Wall of Culture will strive to disclose details of the acquisition before Oct. 19.
Emerald Education is a professional education company specialized in the fields of mobile Internet and digital entertainment, public information shows. Its business also includes game research and development, animation design, mobile internet, Android applications and IOS platform development.