Glonghui announced on December 8 | VISION DEAL-Z (07827.HK) announced that on December 8, 2023, Vision Deal signed an agreement on the merger and acquisition transaction of the special purpose acquisition company, including (i) entering into a PIPE investment agreement with Quman Group (that is, the successor company of the target company and the special purpose acquisition company after the completion of the merger and acquisition transaction) and PIPE investors; (ii) entering into a share transfer agreement with the target company and target selling shareholders for share transfer; and (iii) entering into a share transfer agreement with the target company and target consolidated subsidiaries (A wholly owned subsidiary of the target company) enters into a business consolidation agreement in connection with the merger. The special purpose acquisition company merger transaction will result in the merger of Vision Deal with Target Group, and the target company's listing on the Stock Exchange as a successor company.
The target company (i.e. Quyuan Group) is an exempted limited company incorporated in the Cayman Islands on May 29, 2019. The authorized share capital is US$50,000, divided into approximately 420.6 million common shares and 793.713 million preferred shares. Of these, 28.163,900 shares are designated as Angel Round Preferred Shares, 23.8867 million shares are designated as Series A preferred shares, 12.9926 million shares are designated as Series B preferred shares, 5.197 million shares are designated as Series B+ preferred shares, and 963.1 million shares are designated as Series C preferred shares. Target Group is China's leading interest-driven mobile social networking platform dedicated to connecting Gen Z users. With its diverse product features and functions, Target Group encourages relationships and social interaction among users who are mainly game enthusiasts by providing services and functions that improve the gaming experience. Through voice-based and other real-time interactive and entertainment content, Target Group further strengthens the building of social relationships among its users. According to Frost & Sullivan, in terms of revenue in 2022, Target Group is China's largest mobile voice social networking platform and China's largest social networking platform for mobile game users.