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LONDON, UK / ACCESSWIRE / May 01, 2018 / Active-Investors.com has just released a free research report on ChinaCache International Holdings Ltd (NASDAQ: CCIH) ("ChinaCache"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CCIH as the Company's latest news hit the wire. On April 27, 2018, the Company announced that it has terminated the deal disclosed in March 2017 to sell 79% of its equity interest in ChinaCache Xin Run Technology (Beijing) Co. Ltd ("Xin Run"), which owns and operates the Company's Internet data center business, to Tianjin Shuishan Technology Co. Ltd ("Tianjin Shuishan"), Shanghai Qiaoyong Equity Interest Investment Fund Management Co., Ltd ("Shanghai Qiaoyong"), and Tianjin Dingsheng Zhida Technology Co. Ltd ("Tianjin Dingsheng"), for a total consideration of RMB221.1 million. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ChinaCache International Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
The termination was approved by the Company's Audit Committee. None of the parties to the Agreement incurred a breakup fee due to the termination.
Reason for Termination of Deal
ChinaCache's strategic decision to terminate the Agreement was made in recognition of the perceived value of the assets in light of increasing market demand for Internet data center services, and the belief that Xin Run can effectively be leveraged as part of the Company's offering package to customers, thus better positioning the Company for long-term growth.
Comments from ChinaCache's CEO
Song Wang, Chairman of the Board and Chief Executive Officer (CEO) of ChinaCache, stated that with 10 Internet data centers in Beijing hosting capacity for 12,400 racks, Xin Run is growing quickly and capturing wide-spread demand from government agencies and businesses, including several leading Internet and Cloud service enterprises. Against this backdrop, ChinaCache sees a compelling value proposition as it offers customers total solution services, comprised of Internet data centers, Internet and Cloud exchange centers, and its extensive content delivery network. Wang added that the Company believes this three-layered structured network will provide an integrated and broad-base of operations from which the Company can capitalize on its strengths and deliver sustained shareholder value.
Agreements to Sell Data Center Assets Announced in March 2017
On March 06, 2017, the Company entered into definitive agreements to sell the equity interest of Xin Run. Pursuant to the agreements, Tianjin Shuishan, Shanghai Qiaoyong, and Tianjin Dingsheng agreed to purchase 47.67%, 26.33%, and 5.0%, respectively, of the equity interest in Xin Run for a consideration of RMB133.5 million, RMB73.7 million, and RMB14.0 million, respectively. Shanghai Qiaoyong was to designate a self-established fund as general partner, while Tianjin Shuishan and Tianjin Dingsheng were to designate as wholly-owned subsidiaries, to complete the transaction. After the completion of the transaction, ChinaCache, through a subsidiary, was to own 20% equity interest of Xin Run and was likely to cease to consolidate the financial results of Xin Run and its subsidiaries. As of September 30, 2016, Xin Run had a shareholders' equity value of approximately RMB14.8 million and a registered capital of approximately RMB126.6 million. ChinaCache planned to apply the proceeds from the transaction to research and development (R&D), working capital, and other purposes.
About ChinaCache International Holdings Ltd
Founded in 1998 and headquartered in Beijing, China, ChinaCache is the leading total solutions provider of Internet content and application delivery services in China, including Internet data center operations and Internet exchange centers. The Company provides a portfolio of services and solutions to businesses, government agencies, and other enterprises to enhance the reliability and scalability of their online services and applications, and improve end-user experience.
Stock Performance Snapshot
April 30, 2018 - At Monday's closing bell, ChinaCache International's stock slightly declined 0.79%, ending the trading session at $1.25.
Volume traded for the day: 59.75 thousand shares.
Stock performance in the last month – up 16.82%; previous six-month period – up 10.62%; and past twelve-month period – up 9.65%
After yesterday's close, ChinaCache International's market cap was at $32.97 million.
The stock is part of the Technology sector, categorized under the Internet Information Providers industry.
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