Wanka Online's (HKG:1762) affiliated entity Huanju Times Culture Media (Beijing) agreed to dispose of its 49% equity interest in Hainan Kunchuang Technology to Lingshui Digital Culture Industry Cloud Technology Development for a capital injection of 49 million yuan, a Monday bourse filing said.
Hainan Kunchuang Technology is engaged in mobile advertising services and smart AI marketing services.
After completion, the JV company will be owned 51% by Huanju Times and 49% by Lingshui Digital and will continue to be treated as a subsidiary of the company.
The proceeds from the capital injection are intended to be used to develop further the JV company's mobile advertising services and smart AI marketing services businesses.
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