Huaxi Group Joined the iMeigu's Buying Consortium for DANG

BEIJING, April 7, 2016 /PRNewswire/ -- iMeigu Capital Management Ltd. ("iMeigu") , Jiangsu Huaxi Group Co., Ltd ("Huaxi Group"), announce that have formed a consortium ("Consortium") for the preliminary non-binding proposal ("Proposal") , which iMeigu has submitted on March 9, to acquire all of the outstanding Class A common shares ("Class A Shares"), Class B common Shares ("Class B Shares", together with Class A Shares, the "Shares") and American depositary shares ("ADSs",each representing five Class A Share) of E-Commerce China Dangdang Inc (NYSE: DANG, the"Company") in an all-cash transaction for US$8.8 per ADS or US$1.76 per Share.

Under the Proposal, the Consortium will acquire all the outstanding Shares and ADSs of the Company in cash for US$8.8 per ADS or US$1.76 per Share (the "Transaction"). It represents a highly attractive premium of approximately 12.6% to the previous preliminary non-binding proposal from Ms. Peggy Yu Yu, Chairwoman of the Board, and Mr. Guoqing Li, director and Chief Executive Officer of the Company (together, the " Insider Buyer ") dated July 9, 2015, to acquire all of the outstanding ordinary shares of the Company not already beneficially owned by the Insider Buyer for $7.812 in cash per ADS.

The Consortium has engaged O'Melveny & Myers LLP as its international legal counsel and East & Concord Partners as its PRC legal counsel.

As the Consortium has previously stated, the Proposal does, and the Transaction will, provide superior value to the Company's shareholders as compared with the Insider Buyer's proposal. The Consortium recognizes that the Company's Board of Directors has formed a special committee to evaluate the Insider Buyer's proposal and the Consortium is positioned to negotiate and complete the acquisition in a timely manner. While The Consortium is fully prepared to pursue the Transaction upon the terms and subject to the conditions set forth herein, The Consortium is open-minded and flexible with respect to the potential structure of the Transaction to expedite the process of delivering value to the Company's shareholders, including working with other parties, such as Ms. Peggy Yu Yu and Mr. Guoqing Li, through forming a buyer group with them to implement a "going-private" transaction.

The Proposal is Non-binding and subject to further negotiation of definitive agreements and the satisfaction of customary closing conditions, including regulatory approvals.

About iMeigu Capital Management Ltd.

iMeigu Capital Management Ltd. is a Cayman Islands' assets management company,focusing on Chinese internet investing. At the mean while, it is the Manager of iMeigu Fund.

About Jiangsu Huaxi Group Co., Ltd.

Jiangsu Huaxi Group Co., Ltd. is a huge group enterprise, operating multiple business in manufacture, agriculture, trade, real estate, and finance. Huaxi Group is the main shareholder of Jiangsu Huaxicun Co.,Ltd., a Shenzhen Exchange listed company (SZ:000936). At the end of 2014, Huaxi Group's total assets were RMB48.281 billion, net assets were RMB16.383 billion. By the end of 2014, Huaxi Group has invested RMB4.283 billion to such as Huatai securities Co., Ltd. (SH:601688), five China's A share stock exchange listed companies, five banks etc.

SOURCE iMeigu Capital Management Ltd.