iDreamSky Technology (HKG:1119) said it will issue 38.09 million new shares at HK$1.024 each to PLR Worldwide Sales to offset $5 million in royalty fees owed by its Shenzhen affiliate, according to a Tuesday Hong Kong bourse filing.
The subscription represents 2.16% of the company's issued share capital and will be executed under a general mandate.
PLR, a subsidiary of Playrix Holdings and developer of games including Gardenscapes, will become a strategic shareholder through the capitalization.
iDreamSky said the move helps conserve cash while strengthening ties with upstream developers.
No cash proceeds will be raised from the transaction.
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