HONG KONG SAR – Media OutReach – September 19, 2023 – Alibaba Pictures Group Limited (“Alibaba Pictures” or the “Company”, HKEX: 1060), an integrated entertainment platform offering “content + technology” under the umbrella of Alibaba Digital Media and Entertainment Group, and Alibaba Investment Limited, a wholly owned subsidiary of Alibaba Group Holding Limited (“Alibaba Group”) (NYSE: BABA and HKEX: 9988 (HKD counter) and 89988 (RMB counter)), are pleased to to announce the entry into an action purchase agreement, pursuant to which Alibaba Pictures had conditionally agreed to acquire the entire interest of Pony Media Holdings Inc. (the “Target Company”), the operator of the “Damai” brand. By further expanding the upstream presence of the “Damai” brand in the live entertainment industry value chain, such as event production and promotion, venue operation and artist management, the company aims to strengthen scale advantages and barriers to entry, and further strengthen its brand awareness. offline entertainment business.
Through the “Damai” brand, Target Company (together with its subsidiaries) is a leading provider of live entertainment, including concerts, music festivals, live shows, plays, sporting events and exhibitions in the PRC. The target company engages in the full lifecycle of live performances, including production, promotion and ticketing, and has served over 1.8 million events with over 100 million registered customers in total .
“We believe this transaction opens a new chapter for the new Alibaba Pictures company. Before today’s announcement, we have already established deep ties with Damai through our exclusive service agreement and have accumulated more than 20 million of Taomai VIP members to date,” said
Mr. Jie Li, Chairman of Alibaba Pictures. “Following the transaction, we will strive to integrate our resources, expand our presence throughout the industry value chain, drive development through technological innovation, and ultimately create value for our customers and shareholders.
The aggregate consideration will amount to US$167 million (equivalent to approximately HK$1,307 million) and will be settled by the Company’s allotment and issuance of 2,513,028,847 consideration shares to Alibaba Investment Limited at the issue price of HK$0.52 per share, based on the volume weighted average price. ordinary shares of the Company listed on the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) for thirty (30) consecutive trading days immediately preceding the date of the agreement. Immediately after the issuance of the consideration shares, Alibaba Group will increase its stake in Alibaba Pictures to approximately 54.26%.
JP Morgan Securities (Asia Pacific) Limited acted as financial advisor to the Company.
Subject to the fulfillment of certain conditions precedent, including obtaining the approval of the independent shareholders meeting in a special general meeting, the transaction is expected to be finalized in the fourth quarter of 2023. For more information, please refer to the announcement of the Company published on the Stock Exchange on September 19, 2023.
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The issuer is solely responsible for the content of this announcement.
Source: Media Outreach Newswire