Hybrid Kinetic Group (HKG:1188) agreed to acquire a 51% stake in an unnamed film and television business for 51 million yuan, according to a late Thursday disclosure with the Hong Kong bourse.
The target, established in 2024, holds a permit for the production and distribution of broadcasting and TV programs in China.
The transaction will be settled through the issuance of a convertible note to the vendor, which guarantees to the purchaser that the target's net profit will be at least HK$20 million.
The deal will allow Hybrid Kinetic, an electric vehicle manufacturer, to diversify its revenue streams, the filing stated.
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