Sino-Entertainment (06933): SEHKIHL will invest 20 million Hong Kong dollars in Timelight Entertainment International.

SINO-ENTERTAIN (06933) announced that on February 12, 2025 (after trading hours), SEHKIHL (an indirect wholly-owned subsidiary of the Company), Time Entertainment International (an indirect non-wholly owned subsidiary of the Company), and TIMCL entered into a shareholder agreement to regulate the relationship between SEHKIHL and TIMCL (as shareholders of Time Entertainment International), as well as the commitments of SEHKIHL and TIMCL to Time Entertainment International. According to the shareholder agreement, SEHKIHL will inject HK$20 million into Time Entertainment International, while TIMCL will facilitate the transfer of the core source code of a social finance mobile application developed by TIMCL and other related intellectual property rights related to the social finance mobile application, constituting a transaction of the Company involving a physical investment. The Group is mainly engaged in the distribution and development of mobile games in China and blockchain technology business overseas. The National Press and Publication Administration of China suspended the issuance of new game licenses from August 2021 to March 2022. Although new game licenses have been resumed since April 2022, the extended pre-approval process of the National Press and Publication Administration and a backlog of games waiting for approval have resulted in a significant decrease in the number of new games launched in the market, adversely affecting the Group's revenue. In addition, considering several default events related to cryptocurrencies at the end of 2022 which increased market risks, the Group suspended its blockchain technology business. Although the Group will continue to improve its performance in the mobile game business by obtaining new game licenses in the future, the Group has been exploring potential business opportunities, especially in the field of blockchain, to diversify its sources of income and ultimately create the best returns for shareholders. As of the date of this announcement, the Group has no intention to stop, reduce, or sell its mobile game business.