Quickflix aborts acquisition of Chinese company but insists it will pursue a ‘China strategy’
Troubled streaming player Quickflix has announced it will no longer proceed with the acquisition of a Shanghai-based film and TV company calling its future direction into question.
The move leaves the increasingly cash strapped streaming video on demand (SVOD) service without a partner after it was forced to abort its deal to become a reseller of rival Presto’s service, as it looked to pursue a deal with the unnamed Chinese partner.
In a statement to the ASX this morning the company (ASX: QFX) said: “Based on due diligence of the Shanghai-based company and advice received in relation to Chinese regulations and restrictions, Quickflix has decided that it will not be proceeding with an acquisition.
“Quickflix recognises distribution of content into China and of Chinese content to the rest of the world is a significant opportunity and is continuing to develop a China strategy.”
Isn’t that the kind of research they should have done before the announcement?
Simply terrible.
I admire them continuing to try…..but c’mon. the jig is up. shut ‘er down and move on.
I think Quickflix needs to partner up with a well known brand with deep pockets like Amazon Prime.
I’m no securities lawyer but arent there some rules around making misleading statements to the ASX ?
Just watched Bruce Lee’sThe Chinese Connection on Quickflix