On October 28, Grontogether announced that Singholdings (01440.HK) has released a notice regarding a memorandum of understanding to possibly cooperate in organizing a Hong Kong touring exhibition for a Portuguese football superstar museum brand. The parties to the memorandum of understanding have entered into subscription agreements, collaboration agreements, and loan agreements for the preparation and development of the CR7 Museum HK through a joint venture company (Singbo Development Limited).

On October 25, 2024, Asia Partners entered into a subscription agreement with a joint venture company. Under this agreement, Asia Partners agreed to subscribe and the joint venture company agreed to issue and distribute 100 shares of common stock of the joint venture company, representing 50% of the enlarged issued share capital of the joint venture company, at a subscription price of 100 Hong Kong dollars. After the subscription agreement is completed, (i) the equity of the joint venture company will be owned respectively by Circle Time and Asia Partners at 50% each; (ii) the joint venture company will no longer be a subsidiary of the company, and its financial performance will no longer be consolidated into the group's consolidated financial statements; and (iii) the joint venture company will be recognized as a jointly controlled entity of the group.

On October 25, 2024, Circle Time, the joint venture company, Asia Partners, and the guarantor entered into a joint venture agreement to establish the joint venture entity based on the subscription agreement. The parties to the joint venture agreement agreed to cooperate in organizing the event involving the preparation and development of CR7 Museum HK.

On October 25, 2024, Circle Time entered into a loan agreement with the joint venture company. According to the loan agreement, Circle Time has committed to provide a loan financing of no more than 70 million Hong Kong dollars to the joint venture company for the establishment and operation of the joint venture entity.