Maoyan Entertainment recently published an announcement, stating that its board of directors decided to sign a supplemental agreement with Tencent, aiming to amend the service range agreed on a previous film and TV series publicity framework agreement.
According to the supplemental agreement Tencent will provide film and TV series publicity service to Maoyan Entertainment and Maoyan Entertainment will pay related service fee. It is said that the upper limit of the annual service fee is CNY50 million for 2020 and CNY65 million for 2021.
The announcement revealed that Tencent is currently holding over 10% of issued shares of Maoyan Entertainment, making it one of the major shareholders. Therefore, Tencent and its contacts, including companies representing Tencent Group, are connected to Maoyan Entertainment, which makes the film and TV series publicity framework agreement and the supplemental agreement connected transactions of the company.
