Summary by Moomoo AI
On September 3, 2024, Ali Pictures announced that its wholly-owned subsidiary Zhonglian Shengshi and Alibaba Holdings signed a framework agreement for commissioned production cooperation with Youku Information. This agreement allows Zhonglian Shengshi and Youku Information to enter into specific agreements within the annual limit for commissioned production services. This transaction constitutes a continuing connected transaction and is subject to reporting, annual review, and announcement requirements under Chapter 14A of the listing rules but is exempt from independent shareholder approval. The agreement is valid until March 31, 2026, and the services involved include filming, artificial intelligence model creation and training, and video editing. The service fee will be calculated based on production costs plus a markup rate of 5% to 25%. Alibaba Holdings is the ultimate controlling shareholder of Ali Pictures, holding approximately 53.85% of the shares, making Youku Information a related party. The Board of Directors believes that this agreement will enhance Ali Pictures' market competitiveness in the content production field.
