Month: October 2018

Chinese authorities begin delisting process of China’s SeaWorld licensee; Chairman and President resign

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BREAKING (10/19/2018): Today, trading of Zhonghong Holdings has been suspended by the Shenzhen Stock Exchange. The Exchange has begun the process of delisting the stock, which it must finalize within 15 days. Once completed, Zhonghong Holdings will become the first company to be delisted on a Chinese exchange. As of close yesterday, its stock was valued at CN„0.74 or US$0.10 per share.

Zhonghong Holdings holds the exclusive license to SeaWorld branded parks in Mainland China, Hong Kong, Macau, and Taiwan. Its largest shareholder is Zhonghong Zhouye Group, the privately held investment firm owned by Wang Jihong, which purchased Blackstone’s 21% stake in SeaWorld Entertainment.

On Tuesday, Wang tendered his resignation as Chairman and Director of Zhonghong Holdings, as did Zhang Jiwei, the company’s President.

At this time, there has been no reportable direct impact on SeaWorld Entertainment’s ownership or board composition as a result of these changes. Updates will be posted on the ThemedReality Blog and ThemedReality Facebook page (Facebook.com/themedreality) as this story progresses.