BEIJING, May  24, 2024  (GLOBE NEWSWIRE) -- Kuke Music Holdings Limited ("Kuke" or the "Company") (NYSE: KUKE), the leading classical music service platform in China, is pleased to announce that on May 24, 2024, it has signed a non-binding term sheet (the "Term Sheet") with Naxos One Holding Limited ("Naxos One"), a limited liability company incorporated under the laws of the British Virgin Islands. The Term Sheet contemplates that Kuke will acquire a majority stake in two of the controlled subsidiaries of Naxos One, Angelina Assets Limited and HNH International Limited, the holding companies of the Naxos Music Group, a world-leading classical music brand and one of the largest distributors of independent classical record labels in the world (the "Naxos Group"). A director of Kuke is the controlling shareholder of Naxos One.

The closing of the acquisition will be subject to entering into definitive agreements and the satisfaction of customary conditions, including Kuke's satisfaction with its due diligence regarding Naxos Group, and there is no assurance such transaction will be completed.