QuantaSing announces further investments into Letsvan
QuantaSing Group announced that it will undertake further steps to acquire all of the remaining equity interests in Shenzhen Yiqi Culture from the other investors with a combination of cash and stock consideration. Through a series of previous transactions from December 2024 to March 31, 2025, the Company invested in Letsvan, a PRC-based company primarily engaged in IP incubation and discovery, IP operation, copyright commercialization, and the promotion and sales of pop toys and other cultural products for global artists. By March 31, 2025, the Company had obtained control over and was able to consolidate the results of Letsvan into the Company's consolidated financial statements. Upon the consummation of the Transactions, Letsvan will become a wholly-owned subsidiary of the Company. In furtherance of the Transactions and by way of private placement, the Company will issue an aggregate of 18,219,330 Class A ordinary shares of the Company to Huiyu Zhan, the founder and chief executive officer and a director of Letsvan, as consideration for his remaining interests in Letsvan. The share issuance will take place in three installments and be subject to certain restrictions and limitations, including respective vesting schedules and lock-up requirements.
