Mingchen Health's acquisition of Kashgar Aoshu fails to meet performance commitment; original shareholders required to compensate 104 million yuan

中国经营网··CN·Read original
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Summary · why it matters

Kashgar Aoshu Network Technology, a wholly owned subsidiary of Mingchen Health, has been hit with multiple new enforcement records, and its legal representative Dai Tenghui has also been listed as a person subject to enforcement and a dishonest debtor. In December 2022, Mingchen Health acquired 100% equity in Kashgar Aoshu from Xingao Technology with its own funds of 72.7 million yuan. However, Kashgar Aoshu posted a cumulative net loss of 31.4635 million yuan from 2023 to 2025, failing to meet the commitment made at the time of acquisition of a cumulative net profit of no less than 72.7 million yuan over three years. Under the agreement, the original shareholders are required to compensate 104 million yuan in cash. To date, the company has received 25 million yuan in compensation and says it is confident of recovering the full amount. Kashgar Aoshu's two games, "Zhenhun Street: Born to Be King" and "Realm: Blade Cry," both failed to achieve the expected results. As of the end of June 2026, its net assets stood at negative 107 million yuan. In the first half of this year, its operating revenue was 3.437 million yuan and its net loss was 3.6655 million yuan. In the first half of 2026, Mingchen Health achieved operating revenue of 896 million yuan, up 25.90% year on year, while its net loss was 5.0679 million yuan, down 112.34% year on year. Among this, online gaming revenue was 658 million yuan, accounting for 73.45% of total revenue.

Impact on assets 1

Others▼
Mingchen Health Co Ltd Class A
002919
▼ NegativeCapitalrelevance

Acquisition of Kashgar Aoshu failed its performance commitment, triggering 104 million yuan compensation and a subsidiary with negative net assets.

Off-coverage companies 2

喀什奥术网络科技有限公司i
Private▼ NegativeCapitalrelevance

Kashgar Aoshu posted a cumulative net loss, missed its profit commitment, has negative net assets, and faces enforcement records.

广州星奥科技有限公司i
Private± MixedCapitalrelevance

Xingao Technology was the original seller of Kashgar Aoshu and is among the original shareholders required to pay compensation, but no specific impact on it is detailed.