A Metaverse Company (SEHK:1616) entered into the repurchase agreement to acquire additional 39% stake in Khorgos Starrise Qicheng Media Co., Ltd from Jiaxing Shou Jian Tou No. 5 Investment Partnership (Limited Partnership) for CNY 43.7 million on July 5, 2022. As per the terms of consideration, Metaverse Company has paid CNY 1.11 million in cash as at the date of the Repurchase Agreement A and shall pay the remaining CNY 42.59 million in cash by November 19, 2022.

As of June 5, 2023, the consideration for the transaction has been revised to CNY 47.3 million. As per the arrangement, the Metaverse Company shall pay the amount of approximately CNY 4.67 million (equivalent to the interest between November 19, 2021 to November 19, 2022) to Jiaxing Shou Jian Tou by June 30, 2023, the monthly interest by the end of each month, in the amount of CNY 600,000 from July 2023 and the repurchase balance and the outstanding delay interest in the amount of approximately CNY 1.67 million on November 19, 2023. In addition, Metaverse Company also entered into the repurchase agreement to acquire additional 10% stake in Khorgos Starrise Qicheng Media Co., Ltd from Bei Jing Corporate Management Consultation (Ningbo) Co., Ltd. Following both transactions, Khorgos Starrise Qicheng Media will be wholly owned by Metaverse Company.

Metaverse Company will fund the acquisition from its internal resources.