Baiwang Co. Ltd. has announced additional details regarding a connected transaction related to a convertible loan agreement with Huanqiu Zhilian and Baiwangyun Overseas. The transaction involves a capital increase in Baiwangyun Overseas by converting the outstanding principal of the convertible loan into equity. As part of the arrangement, Baiwang Co. Ltd. has secured a repurchase option, allowing it to require Baiwangyun Overseas (or its affiliates) to repurchase all its equity in Baiwangyun Overseas if a qualified IPO is completed. Additionally, Baiwang Co. Ltd. received a warrant enabling it to reduce its equity interest in Baiwangyun Overseas by an amount corresponding to RMB15 million of the capital increase and invest this sum in GLOBAL DIGITAL. The company’s board considers these terms to be fair and in the best interests of shareholders.

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