Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Scienjoy to Acquire Online Live Streaming Platform Hongle.tv.

Document Cited in Related
Vincent

MANews-(C)2009-2022

China-based live entertainment mobile streaming platform Scienjoy Holding Corp (NASDAQ: SJ) has entered into an equity acquisition framework agreement to acquire 100% equity interest in Beijing Weiliantong Tech Co., Ltd, which holds Hongle.tv, and 100% equity interest in Golden Shield Enterprises Ltd, the company said.

Golden Shield Enterprises holds the NFT business for a total consideration of RMB280 m (approximately USD 43.8m).

The objective of the agreement is to support the company's strategic growth initiative of acquiring the top-tier online live streaming platform Hongle.tv and expanding NFT business scope.

Launched in 2016, Hongle.tv is a mobile phone live streaming platform focusing on younger generation at the age of 18 to 25 years old.

As of September 30, 2021, the cumulative number of broadcasters and users was 93,729 and over 42m respectively. According to Analysys's data, Hongle.tv ranked second in terms of talent show category in 3Q21.

Under the deal, the aggregate consideration is RMB 280m (approximately USD 43.8m), including RMB 180m (approximately USD 28.2m) in the company's class A ordinary shares and RMB 100m (approximately USD 15.6m) in cash.

The class A ordinary share consideration payments are subject to certain performance conditions and requirements...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT