Deals
CMGE Seeks Relisting in China Months After Dropping From Nasdaq
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China Mobile Games & Entertainment Group Ltd. is set to list in Shenzhen after the Nasdaq-traded company came under attack by short sellers in the U.S. and went private.
The Guangzhou-based mobile game developer and stakes in 5 other companies will be injected into Shenzhen-listed auto parts maker Zhejiang Century Huatong Group Co., according to a stock exchange statement. Century Huatong will raise 11 billion yuan via a private placement to help purchase the assets, which are worth a combined 13.5 billion yuan ($2.1 billion). Huatong’s current market capitalization is 13.65 billion yuan, based on data compiled by Bloomberg.