Summary by Moomoo AI
The Scribe Group (stock code: 772) announced on 18 March 2024 that it will renew the 2022 Advertising Cooperation Framework Agreement and Network Platform Collaboration Framework Agreement with Tencent Computers. The new cooperation agreement will extend until the end of 2027, involving the placement of Tencent Group advertisements on the Lecture Group platform, as well as the distribution of literary, audio and short series works authorized by the Tencent Group through Tencent channels. Given that Tencent is the controlling shareholder of the Listing Group, this transaction is considered to be a continuing connected transaction in accordance with the listing rules. The proposed annual ceiling of the 2025 Advertising Cooperation Framework Agreement exceeds 5% and is subject to the relevant reporting, announcement, annual audit and independent shareholder approval requirements. Scribe Group will send a circular to shareholders on or before 12 May 2024 detailing the terms of the transaction and the advice of independent financial advisors. The move is intended to continue the partnership with Tencent and further drive the development of the Lumen Group's business.