EX-99.(C)(4) 4 tv483956_ex99-c4.htm EXHIBIT (C)-(4)

Exhibit (c)-(4)

Going Private Transactions Premiums Paid and Price Improvement Analysis There are 24 US-listed Chinese company going-private transactions that have closed or signed definitive agreements with the buyer consortium having more than 50% voting power since 2013: Premiums Paid The medians of the premiums paid over the stock prices one-day, one-week, and one-month prior to the announcement of these going private transactions were 19.3%, 22.8%, and 18.8%, respectively The medians of the premiums paid over the 30D VWAP(1), 60D VWAP, and 90D VWAP prior to the announcement of these going private transactions were 21.0%, 15.6%, and 13.5%, respectively The $6.33 revised offer price of Sinovac Biotech Litd. represents a premium of 26.1%, 29.7% and 10.7% respectively over the stock price one-day, one-week, and one-month prior to the announcement of the going private transaction The $6.33 revised offer price of Sinovac Biotech Litd. represents a premium of 19.4%, 17.5% and 19.0% respectively over the 30D VWAP, 60D VWAP, and 90D VWAP prior to the announcement of the going private transaction Offer Price Improvement 50% (12 transactions) of these going private transactions benefited from an increased final offer price The median of the final offer price change of these going private transactions is 0.4% The $6.33 revised offer price of Sinovac Biotech Litd. represents a 2.4% improvement of the initial offer price Going Private Transactions (Closed/ MA Signed) Since 2013 Final Offer Price Premium as a % of Announced Buyer Consortium 1-Day 1-Week 1-Month # Company Date Status Voting % Prior Prior Prior 30D VWAP 60D VWAP 90D VWAP Initial Offer Final Offer Increased % 1 Qunar Cayman Islands Limited 06/23/2016 MA Signed 72.2% 15.0% 5.3% -7.0% -4.5% -15.8% -16.4% $30.39 $30.39 0.0% 2 Sky-mobi Limited 06/23/2016 MA Signed 54.1% 25.0% 22.9% 20.9% 19.1% 12.1% 10.3% $2.10 $2.20 4.8% 3 eFuture Holding Inc. 06/06/2016 MA Signed 52.4% 17.8% 4.4% 5.6% 10.7% 7.2% 1.6% $6.32 $6.42 1.6% 4 Ku6 Media Co., Ltd. 02/01/2016 Closed 69.9% 54.3% 52.2% 25.6% 42.0% 43.7% 52.2% $1.08 $1.08 0.0% 5 Youku Tudou Inc. 10/16/2015 Closed 60.5% 35.1% 35.3% 54.7% 53.7% 51.6% 32.0% $26.60 $27.60 3.8% 6 Country Style Cooking Restaurant Chain 8/14/2015 Closed 56.9% 18.9% 13.0% 10.6% 10.2% 3.0% 0.9% $5.23 $5.23 0.0% 7 eLong Inc. 08/03/2015 Closed 92.2% 24.1% 32.1% 10.2% 20.3% -8.6% -7.7% $18.00 $18.00 0.0% 8 Global-Tech Advanced Innovations Inc. 8/1/2015 Closed 66.8% 195.0% 164.2% 184.6% 162.9% 150.1% 146.1% $8.75 $8.85 1.1% 9 Mecox Lane Limited 7/21/2015 Closed 63.9% 17.6% 22.7% 5.0% 11.9% 11.3% 9.3% $4.00 $4.00 0.0% 10 E-Commerce China Dangdang Inc. 07/09/2015 Closed 82.8% 2.9% -20.0% -22.5% -27.9% -28.5% -27.6% $7.81 $6.70 -14.2% 11 China Nepstar Chain Drugstore Ltd. 07/06/2015 Closed 79.5% 19.1% 9.6% 3.6% -0.9% -1.5% 3.0% $2.60 $2.62 0.8% 12 Qihoo 360 Technology Co. Ltd. 6/17/2015 Closed 61.3% 16.6% 22.0% 32.8% 30.5% 30.0% 33.9% $77.00 $77.00 0.0% 13 iDreamSky Technology Limited 06/13/2015 Closed 92.9% -3.8% 33.3% 67.3% 24.5% 39.8% 41.5% $14.00 $14.00 0.0% 14 Bona Film Group Limited 06/12/2015 Closed 54.8% 6.5% 12.1% 50.2% 20.4% 28.7% 34.6% $13.70 $13.70 0.0% 15 Mndray Medical International Limited 06/04/2015 Closed 63.1% 1.9% 4.1% -10.1% -3.1% -2.3% -2.4% $30.00 $28.00 -6.7% 16 Xueda Education Group 4/20/2015 Closed 58.4% 95.0% 53.2% 110.7% 86.4% 94.1% 100.2% $3.38 $5.50 62.7% 17 Sungy Mobile Limited 04/13/2015 Closed 69.1% 8.9% 15.6% 2.1% 19.9% 11.0% 4.9% $4.90 $4.90 0.0% 18 Perfect World Co., Ltd. 12/31/2014 Closed 56.0% 28.2% 27.6% 19.2% 21.5% 11.3% 6.5% $20.00 $20.20 1.0% 19 Shanda Games Limited 01/27/2014 Closed 76.2% 25.7% 48.8% 58.1% 47.3% 56.2% 58.7% $6.90 $7.10 2.9% 20 Noah Education Holdings Ltd. 12/24/2013 Closed 59.3% 26.7% 24.5% 18.3% 21.5% 26.3% 33.5% $2.80 $2.85 1.8% 21 Charm Communications Inc. 9/30/2013 Closed 58.5% 17.2% 7.3% 17.2% 15.0% 14.7% 11.3% $4.70 $4.70 0.0% 22 Exceed Company Ltd. 8/17/2013 MA Signed 66.5% 19.5% 23.6% 57.5% 24.4% 27.9% 30.4% $1.72 $1.78 3.5% 23 Le Gaga Holdings Ltd 5/21/2013 Closed 50.8% 21.6% 24.9% 16.0% 22.0% 16.6% 15.7% $4.01 $4.06 1.2% 24 Simcere Pharmaceutical Group. 3/11/2013 Closed 77.6% 21.4% 22.1% 26.9% 23.2% 23.7% 23.7% $9.56 $9.66 1.1% Median 19.3% 22.8% 18.8% 21.0% 15.6% 13.5% 0.4% Sinovac Biotech Ltd. 2/1/2016 Announced 52.0% 26.1% 29.7% 10.7% 19.4% 17.5% 19.0% $6.18 $6.33 2.4% (1) Volume Weighted Average Price Source: Capital IQ, SEC filings Duff & Phelps 1 C O N F I D E N T I A L