Gelonghui, December 22, 丨 Yiyuan Universe (01616.HK) announced that on December 22, 2023, the seller (a company controlled by the Group through contractual arrangements) entered into a sale agreement with the buyer Dongyang Xingsheng (Beijing) Culture Development Co., Ltd. (an independent third party). According to this, the seller conditionally agreed to sell, and the buyer conditionally agreed to purchase 100% of the shares of each “target company” (Huasheng Taitong, Han Xing Jinhong, Yongming Film and TV, and Ruibo Xingchen) at a cost of RMB 3.6 million.
All target companies were established in China and are mainly engaged in (including) the investment, production, distribution and related business of movies and TV dramas.
The Group continuously adjusts its investment strategy and production structure to adapt to changes in the film and television industry landscape. It aims to reduce reliance on traditional TV sales channels and strengthen cooperation with new media platforms. The rapid rise of online video sites, social media, and short video platforms has driven this transformation and become mainstream content providers. The Group hopes to use its existing resources and advantages to adapt to new trends in the development of the industry. After reviewing the financial performance and operating conditions of the target company, the Board of Directors determined that it was appropriate to proceed with the sale. Once implemented, the sale will allow the Group to reallocate its resources for future development.