China Next-Gen Commerce expands into trendy toy collectibles with Mitaki acquisition

China Next-Gen Commerce and Supply Chain Limited announced the acquisition of Shanghai Mitaki Culture Development Company Limited for RMB1.5m. This acquisition, completed on December 15, 2025, positions the company to expand its business into the design, development, and sales of trendy toys, a fast-growing sector in China, while diversifying its geographical and business segments. The consideration was based on arm's length negotiations and a valuation report which assessed Shanghai Mitaki's equity value at RMB1.5m as of November 30, 2025.

Concurrently, Shanghai Mitaki entered into a Lease Service Framework Agreement with Seazen Holdings, effective from December 15, 2025, to December 31, 2027. Seazen Holdings will provide leasing and property management services to Shanghai Mitaki. The annual caps for these services are RMB1.5m for 2025, RMB40m for 2026, and RMB40m for 2027. These caps were determined based on existing agreements, projected demand from Shanghai Mitaki's expansion, and prevailing market rates.

Both the acquisition and the lease agreement constitute connected transactions due to Mr. Wang's controlling interest in the vendor (Mitaki Culture (Shanghai) Co., Ltd.) and Seazen Holdings, and his familial relationship with Ms. Wang, a director and controlling shareholder of the company. The Shanghai Mitaki acquisition is fully exempt, but the Lease Service Framework Agreement requires independent shareholders’ approval due to percentage ratios exceeding 5%.