Summary by Futu AI
Kinetic Development Group Limited ("Kinetic Development") announced that it has entered into a share subscription agreement with MC Mining on August 26, 2024, and will subscribe for MC Mining shares at the subscription price. Upon completion, Kinetic Development will hold a 51% stake in MC Mining, and MC Mining will become a non-wholly-owned subsidiary of Kinetic Development. After the subscription is completed, MC Mining's financial performance will be included in Kinetic Development's consolidated financial statements. The subscription is a disclosable transaction and must comply with the notification and announcement requirements of Chapter 14 of the listing rules. The completion of the subscription is subject to the fulfillment of multiple conditions precedent, and shareholders and potential investors should act prudently. Kinetic Development believes that this cooperation will bring synergies, enhance MC Mining's business and operational prospects, and align with Kinetic Development's overall development strategy.