HYBRID KINETIC (01188) terminates the planned acquisition of 51% equity interest in a film and television media company for HK$51 million.

HYBRID KINETIC (01188) announced that the disclosure of the acquisition of a 51% stake in the target company is subject to be disclosed, involving the issuance of convertible securities under a general mandate. The completion is subject to the fulfillment of the conditions precedent as stated in the announcement. The Board of Directors announces that the agreement has automatically terminated due to the failure to meet certain conditions precedent by the final deadline. The Board of Directors believes that the termination does not involve any compensation or penalty obligations between the contracting parties, and will not have any significant adverse impact on the financial position or daily operations of the Group.