Newborntown Technology (09911.HK) announced that it has acquired the remaining 38.92% equity of NBT Social Networking from BGFG, JJQJ, and JZZT, for a total consideration of HKD 1.983 billion, including HKD 994 million in cash. It also issued 219 million shares as consideration for the acquisition, with an issue price of HKD 4.5 per share, representing a premium of 3.21% over the previous trading day (27th).
NBT Social Networking is the overseas counterpart of Beijing Mico after restructuring, focusing on providing online social and entertainment services. It has launched multiple social and entertainment products such as MICO and YoHo, serving nearly 100 million users in over 150 countries and regions worldwide.