On January 21, 2026, SHAW BROTHERS HOLDINGS (00953) announced its intention to acquire the entire issued share capital of CMC Moon Holdings Limited from its major shareholder, Commercial Metals, for a purchase price of RMB 4.5765 billion. The consideration will be settled by the company through the allotment and issuance of consideration shares at an issue price of HK$0.320 per share to HoldCo and other designated recipients. This involves a total of approximately 15.93 billion shares, representing about 91.82% of the enlarged share capital. The issue price represents a discount of approximately 15.8% to the closing price of HK$0.380 per share as quoted on the Stock Exchange on the last trading day. As of the date of this announcement, the target company is a direct wholly-owned subsidiary of HoldCo and, upon completion of the restructuring, will become the investment holding company for the target business. The target business includes (i) the development, production, investment, and distribution of films, series, and non-series content in the Chinese mainland and overseas markets; and (ii) the cinema business operating over 50 cinemas under the UME brand in the Chinese mainland and managing a cinema circuit for film distribution. The acquisition is expected to significantly enhance and expand the Group's existing content capabilities and audience base by integrating a business with extensive talent, strong production capacity, a diversified content portfolio, and a rich intellectual property reserve, thereby achieving more sustainable long-term growth. The acquisition will also enable the Group to establish a more resilient content business model, transitioning from a single-brand studio with limited genre focus to a network of multiple studios. This new structure will possess a larger and more diverse content portfolio covering various themes and stronger production capabilities. The significant capacity expansion resulting from the acquisition is also anticipated to create meaningful synergies for the Group's artist and event management business, opening up broader performance opportunities for its talented artists in the Chinese mainland market. Furthermore, as the acquisition includes a cinema business, it provides an opportunity for vertical expansion of the Group's film operations. It grants the Group access to a global film distribution and marketing network for distributing Chinese-language films to countries and cities worldwide.