Seazen Group updates lease framework, Mitaki Cultural Development now a China Next-Gen subsidiary

Seazen Group Limited announced the termination of its existing Lease Service Framework Agreement with Mitaki Culture and the concurrent entry into a New Lease Service Framework Agreement with Mitaki Cultural Development, effective December 15, 2025. This change follows Mitaki Culture's disposal of its entire equity interests in Mitaki Cultural Development to Shanghai Ruiling Valley Enterprise Management Co., Ltd., a subsidiary of China Next-Gen. Mitaki Cultural Development, an indirect wholly-owned subsidiary of China Next-Gen and indirectly 75% held by Ms. Wang Kelly, will now be the recipient of leasing and property management services from Seazen Holdings Group.

The new agreement covers a term from the effective date to December 31, 2027. The annual caps for service fees are RMB1.5m for the year ending December 31, 2025, RMB40.0m for 2026, and RMB40.0m for 2027. These caps reflect expected demand, operational turnover, and market rates. The transactions are considered continuing connected transactions subject to reporting, announcement, and annual review requirements under Chapter 14A of the Listing Rules.

The pricing policy for leasing services includes fixed rent, variable rent based on turnover, or the higher of the two, determined through arm's length negotiation with reference to market rates and property specifics. Property management fees will be determined by fair negotiation, considering property type, scope of services, and market rates.