Summary by Moomoo AI
Ali Pictures announced that its indirect non-wholly owned subsidiary, Hangzhou Taopiao, and Taobao, an indirect wholly owned subsidiary of Alibaba Group, signed a marketing and promotion cooperation framework agreement on August 9, 2024, valid until March 31, 2027. The agreement allows both parties to sign specific agreements within the annual limit to provide promotion services and conduct joint marketing activities. This transaction constitutes a continuing connected transaction, but as the transaction amount ratio is less than 5%, it is exempt from independent shareholder approval. The Board of Directors believes that the terms of the agreement are fair, reasonable, and in line with the overall interests of the company and shareholders.
