Zheng Quan Zhi Xing·2025-08-06 14:12Group 1 - The transaction involves the acquisition of 100% equity of Chengdu Xinchao Media Group Co., Ltd. by the listed company, Focus Media Information Technology Co., Ltd., through a combination of share issuance and cash payment [1][4] - The main business of the listed company is the development and operation of outdoor advertising in the life circle media sector, focusing on building media and cinema screen advertising [1][2] - The target company's primary business is also outdoor advertising, specializing in digital and print advertising services in residential communities [1][2] Group 2 - The independent financial advisor concluded that both the listed company and the target company belong to the advertising industry, and the transaction does not fall under the categories of industries supported for mergers and acquisitions by the State Council and relevant ministries [2][3] - The transaction type is classified as a horizontal or vertical merger within the same industry [3] - The transaction does not constitute a restructuring listing as there has been no change in the actual controller of the listed company in the past 36 months [3][4] Group 3 - The transaction involves the issuance of shares to 50 counterparties, including Chongqing JD Haijia E-commerce Co., Ltd., Zhang Jixue, and Baidu Online Network Technology (Beijing) Co., Ltd. [4] - As of the date of the review, the listed company is not under investigation by the China Securities Regulatory Commission [4]