China Literature's (HKG:0772) China operating entity Shanghai Hongwen Networking Technology agreed to acquire a 26.67% stake in Wuhan YHKT Entertainment for 324.8 million yuan, according to a Friday filing with the Hong Kong bourse.
Founders Ruan Rui, Dong Xiangbo, Chen Wei, and Wuhan YHKT Entertainment's employee shareholding platform Shanghai Huayihua Management Consulting Partnership Enterprise will offload their 11.89% stake, while Hangzhou Cheers Venture Capital Partnership and Ningbo Cheers Equity Investment Partnership will sell their 14.78% stake, the filing said.
Once the sale is completed, China Literature's stake in Wuhan YHKT Entertainment, the owner of the Ling Long animated series, will rise to 31.48% from 5.17%.
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