TryHard Enters MoC with Star Party HK
TryHard announced that it has entered into a memorandum of cooperation, or MoC, with Star Party HK, marking a first step toward the development of the "Star Party" entertainment and social space brand in Japan. Under the MoC, the parties intend to explore the establishment of a joint venture company in Japan to serve as a core operating and investment platform for the Star Party business in the Japanese market. The proposed cooperation reflects a shared commitment to establishing a mutual beneficially collaboration in developing the "Star Party" brand in Japan. Pursuant to the MoC, TryHard and Star Party plan to jointly register and establish Star Party Japan Investment. The proposed joint venture would be responsible for the localized operation and expansion of entertainment and social space businesses under the brands in Japan. The registered capital of the JV Company is tentatively set at 90 million Japanese Yen. Star Party shall contribute RMB 7.5M in cash, of which 58.5M Japanese Yen shall be recorded as the registered capital of the JV Company, and the remaining contribution amount shall be recorded as capital reserve of the JV Company. Star Party shall hold 65% of the equity in the JV Company. TryHard shall contribute RMB 7.5M in cash, of which 31.5M Japanese Yen shall be recorded as the registered capital of the JV Company, and the remaining contribution amount shall be recorded as capital reserve of the JV Company. TryHard shall hold 35% of the equity in the JV Company. In principle, the capital contribution amounts from both Star Party and TryHard shall be paid in full in a lump sum upon the establishment of the JV Company. The specific payment timing shall be separately determined by both Star Party and TryHard based on relevant Japanese regulations.
