VC Holdings to Acquire SaaS-related Software and Subsidiary from iDreamSky

HONG KONG, Jul 5, 2021 - (ACN Newswire) - Value Convergence Holdings Limited ("VC Holdings", together with its subsidiaries, the "Group"; Stock Code: 0821.HK) announced that the Group has entered into the sale and purchase agreement with iDreamSky Technology Holdings Limited ("iDreamSky") to acquire its Rainbow Software, Dolphin Software and Nvwa Software at RMB45.00 million (equivalent to approximately HK$53.83 million). In addition, the Group is to acquire the entire issued share capital of Dream Impression Holdings Limited ("Dream Impression") from Shenzhen Qianhai iDream Technology Co., Ltd., an indirect wholly-owned subsidiary of iDreamSky at RMB28.00 million (equivalent to approximately HK$33.49 million).

The total consideration of the two acquisitions is RMB73.00 million (equivalent to approximately HK$87.32 million) and will be settled by the allotment and issue of approximately 425,954,020 consideration shares at the issue price of HK$0.205 per consideration share. The consideration shares represent approximately 24.97% of the issued share capital of the Group as at 2 July 2021 and approximately 19.98% of the issued share capital of the Group as enlarged by the allotment and issue of the consideration shares (assuming there will be no change in the total number of issued shares between 2 July 2021 and the allotment and issue of the consideration shares). The allotment and issue of the Consideration Shares are subject to the approval at the extraordinary general meeting, while the acquisitions are subject to the fulfilment of certain conditions precedent.

iDreamSky (Stock Code: 1119.HK) is a leading digital entertainment platform in Mainland China. Its current business mainly includes research and development and operation of mobile games, provision of information services, development of SaaS (Software as a Service) and other related services as well as offline entertainment business. The Rainbow Software developed by the Group is a software system providing whole-process data support for game development and operation, for demonstration of game quality and operation conditions facilitating game design or achieving operation target. The Dolphin Software is a personalised operation platform integrating AI and big data applications. Through the amalgamation of AI and user's portrait, it provides users with valuable contents, achieves precise sales and marketing. The Nvwa Software is a technical service platform software system that provides one-stop solutions and operation solutions for game developers and game agency publishers to release the games in the application markets. As an indirect wholly-owned subsidiary of iDreamSky, Dream Impression is mainly engaged in provision of technical support, development, software maintenance and update, business management consultation, marketing and promotion services, and other services.

Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said: "VC Holdings has always been committed to providing professional and comprehensive financial services to its customers. In view that SaaS is transforming the business and revenue models of the modern industries and gradually spreading to all industries, the Group believes that the acquisitions will consolidate its existing business, further expand its clientele and enhance user experience through combining SaaS and FinTech in the securities industry. We expect that the income stream of the Group will be broadened in the long term, thereby achieving our vision of aggressively pursuing innovation."

About VC Holdings Limited Value Convergence Holdings Limited (Stock code: 821.HK) is a well-established financial services group committed to delivering premier financial services and products in the Great China region. The Group's services include provision of (i) securities, futures and options brokering and dealing, and financing services; (ii) corporate finance and other advisory services (including mergers and acquisitions and company secretarial services to clients, etc.); (iii) asset management; and (iv) insurance brokerage; and proprietary trading that fulfill various investment and wealth management needs of clients in the Greater China region. The Group is also engaged in proprietary trading and the sales and distribution of healthcare products.

For details, please visit www.vcgroup.com.hk.

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