Hunan TV & Broadcast intermediary forms joint venture for Dayong Ancient City project

Hunan TV & Broadcast Intermediary, following its "Culture, Tourism + Investment" strategy, will invest 60 million yuan in cash for a 33.33% stake in the newly formed Zhangjiajie Mango Culture and Tourism Co., Ltd. The joint venture's total registered capital is 180 million yuan, with Mango Excellent Media and Zhangjiajie Tourism Group each contributing 60 million yuan for an equal 33.33% share. This entity will operate the Dayong Ancient City project, responsible for its upgrade, renovation, and operations.

The transaction is a connected transaction, as Mango Excellent Media is a subsidiary of Hunan TV & Broadcast Intermediary's controlling shareholder, Mango Media Co., Ltd. The investment was approved by the company's independent directors and board of directors on December 1 and 2, 2025, respectively. This initiative aims to leverage the partners' strengths to enhance Zhangjiajie's cultural tourism industry.

The joint venture, operating under a market-oriented approach, seeks to transform Dayong Ancient City into a vibrant tourism destination by integrating media resources, IP content, and various entertainment and cultural productions. From January 1, 2025, to the disclosure date, Hunan TV & Broadcast Intermediary's cumulative connected transactions with Mango Excellent Media totaled approximately 761.8 million yuan, excluding this new investment.