According to the announcement by Star Shine Hldg (01440) on the WiseNews app, there may be a memorandum of understanding for a Hong Kong touring exhibition of a Portuguese football superstar museum brand. The contracting parties of the memorandum of understanding have already entered into subscription agreements, joint venture agreements, and loan agreements for the operation and development of CR7 Museum HK through a joint venture.

On October 25, 2024, Asia Partners and the joint venture signed a subscription agreement, whereby Asia Partners agreed to subscribe for and the joint venture agreed to issue and distribute 100 shares of the joint venture's common stock, representing 50% of the enlarged issued shares of the joint venture, at a subscription price of 100 Hong Kong dollars.

After the completion of the subscription agreement, the equity of the joint venture will be owned 50% each by Circle Time (a direct wholly-owned subsidiary of the company) and Asia Partners; the joint venture 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 the joint venture will be recognized as a jointly controlled entity of the group.

On the same day, Circle Time, the joint venture, Asia Partners, and the guarantor entered into a joint venture agreement for the establishment of the joint venture. The contracting parties of the joint venture agreement agreed to collaborate in organizing the event related to the preparation and development of CR7 Museum HK.

Circle Time entered into a loan agreement with the joint venture. According to the loan agreement, Circle Time has committed to provide a loan financing of not more than 70 million Hong Kong dollars to the joint venture for the establishment and operation of the joint venture.

The joint venture is established to be responsible for setting up CR7 Museum HK and establishing peripheral merchandise shops at CR7 Museum HK or nearby locations. The CR7 Museum HK is one of the touring exhibitions of CR7 Signature Museum, depicting the life and career of Mr. Cristiano Ronaldo. The CR7 Signature Museum is located in Funchal, Portugal, showcasing the football career of Cristiano Ronaldo through photos, videos, interactive content, and displaying trophies from his most glorious moments. Through the collaboration with Asia Partners, the company aims to showcase milestones of Cristiano Ronaldo through CR7 Museum HK; provide fans with interactive and informative experiences, understanding Cristiano Ronaldo's journey from a young athlete to a global superstar; and through peripheral merchandise shops, immersive exhibitions, souvenirs, and interactive displays, give fans the opportunity to get to know CR7 Signature Museum. The board of directors believes that CR7 Museum HK will become a world-class sports and cultural event in Hong Kong, aligning with Hong Kong's brand image as an international metropolis and event capital in Asia, and will help promote Hong Kong's sports tourism industry. CR7 Museum HK is set to become a new attraction in Hong Kong.

Establishing a joint venture is a great opportunity for the group to establish a strategic relationship with the owner of CR7 Signature Museum's brand. This collaboration not only enhances the group's corporate image and market position, but also provides a channel for the group to expand its business with world-renowned brands. Leveraging its business relationship with Asia Partners, the group will further develop business related to CR7 Signature Museum's surrounding products in the global market.

In addition, as the organizer of CR7 Museum HK, this project will increase the group's revenue sources and promote the group's corporate image and reputation in the global market. After the opening of CR7 Museum HK and its surrounding merchandise stores, it is expected that the joint venture can generate revenue from CR7 Museum HK ticket sales, sales of CR7 Museum's surrounding merchandise, and sponsorship projects. At the same time, the group has established business connections and trust with Asia Partners, Mr. Christiano Ronaldo, and his affiliated entities. The group will explore future collaborations with CR7 Signature Museum in other locations.