China Partytime Culture Holdings Limited (SEHK:1532) entered into an agreement to acquire a 51% stake in Zhejiang Kelee Technology Company Limited from Feng Xianhua for HKD 42.8 million on June 20, 2022. Under the terms, HKD 8.8 million will be paid in cash and HKD 34 million will be paid by issuing 170 million shares at a price of HKD 0.2. The cash part is conditional upon guaranteed profit which shall not be less than CNY 10 million in the years ending on December 31, 2022 and 2023 each. In the year ending on December 31, 2021, Zhejiang Kelee Technology generated revenues of HKD 60.9 million, net profit before tax of HKD 14 million, net profit after tax of HKD 12.2 million and had net assets of HKD 37.5 million. The deal is subject to due diligence and approval by Board of China Partytime Culture. The deal is expected to close by August 31, 2022.

China Partytime Culture Holdings Limited (SEHK:1532) completed the acquisition of a 51% stake in Zhejiang Kelee Technology Co., Ltd. from Feng Xianhua on July 15, 2022.