KUKE Announces Purchase Terms with Naxos One
May 24 2024 - 4:30PM
Kuke Music Holdings Limited (“Kuke” or the “Company”) (NYSE: KUKE),
the leading classical music service platform in China, is pleased
to announce that on May 24, 2024, it has signed a non-binding term
sheet (the “Term Sheet”) with Naxos One Holding Limited (“Naxos
One”), a limited liability company incorporated under the laws of
the British Virgin Islands. The Term Sheet contemplates that Kuke
will acquire a majority stake in two of the controlled subsidiaries
of Naxos One, Angelina Assets Limited and HNH International
Limited, the holding companies of the Naxos Music Group, a
world-leading classical music brand and one of the largest
distributors of independent classical record labels in the world
(the “Naxos Group”). A director of Kuke is the controlling
shareholder of Naxos One.
The closing of the acquisition will be subject
to entering into definitive agreements and the satisfaction of
customary conditions, including Kuke’s satisfaction with its due
diligence regarding Naxos Group, and there is no assurance such
transaction will be completed.
About Kuke Music Holding
Limited
Kuke is a leading classical music service
platform in China encompassing the entire value chain from content
provision to music learning services. By collaborating with its
strategic global business partner Naxos, the largest independent
classical music content provider in the world, the foundation of
Kuke's extensive classical music content library is its
unparalleled access to more than 900 top-tier labels and record
companies. Leveraging its market leadership in international
copyrighted classical music content, Kuke provides highly scalable
classical music licensing services to various online music
platforms, and classical music subscription services to over 800
universities, libraries, and other institutions across China. In
addition, it has hosted Beijing Music Festival ("BMF"), the most
renowned music festival in China, for 24 consecutive years. Through
KUKEY, the Company's proprietary smart music learning solutions,
Kuke aims to democratize music learning via technological
innovation, bring fascinating music content and professional music
techniques to more students, and continuously improve the
efficiency and penetration of music learning in China. For more
information about Kuke, please visit https://ir.kuke.com/
Forward-looking Statements
This announcement contains forward looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"aims," "future," "intends," "plans," "believes," "estimates,"
"confident," "potential," "continue" or other similar expressions.
Statements that are not historical facts, including but not limited
to statements about Kuke's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including those in Kuke's registration
statements filed with the Securities and Exchange Commission.
Further information regarding these and other risks is included in
Kuke's filings with the SEC. All information provided in this
press release is as of the date of this press release, and Kuke
undertakes no obligation to update any forward-looking statement,
except as required under applicable law.
For further information, please contact:
Kuke Music Holding LimitedInvestor
RelationsEmail: ir@kuke.com
Kuke Music (NYSE:KUKE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Kuke Music (NYSE:KUKE)
Historical Stock Chart
From Oct 2023 to Oct 2024