Starlite Holdings Limited (00403.HK) announced that its indirect wholly-owned subsidiary, Hong Kong Inno-Tech Association Limited, has signed a Joint Venture Agreement with China Greater Bay Area Education Innovative Technology Center Limited (CGBA-EITC) and StarSphere Innovation Limited to establish a new joint venture in Hong Kong focusing on digital content R&D and production, including AI-driven cultural and creative solutions, metaverse products and conservation robots.
Upon completion of three scheduled capital injections, the joint venture’s paid-up share capital will rise from HK$0.10 million to HK$50.00 million. Equity ownership will be allocated 70% to CGBA-EITC and 30% to Hong Kong Inno-Tech.
Capital commitment and schedule • First Subscription (within five business days after conditions are met): – CGBA-EITC: HK$10.50 million (including initial HK$0.10 million) – Hong Kong Inno-Tech: HK$4.50 million • Second Subscription (target date 23 June 2026): – CGBA-EITC: HK$14.00 million – Hong Kong Inno-Tech: HK$6.00 million • Third Subscription (target date 30 July 2026): – CGBA-EITC: HK$10.50 million – Hong Kong Inno-Tech: HK$4.50 million
Total funding: CGBA-EITC HK$35.00 million; Hong Kong Inno-Tech HK$15.00 million, financed through Starlite’s internal resources.
Governance structure • Board: three directors—two nominated by CGBA-EITC, one by Hong Kong Inno-Tech. • CGBA-EITC appoints the chairperson and CFO; Hong Kong Inno-Tech appoints the finance manager. • Profit distribution aligns with respective shareholdings. • Share transfers are restricted and subject to pre-emptive rights.
Conditions precedent for the first capital injection include appointment of Professor Yang Wang (The University of Hong Kong) as chief scientist consultant, submission of the annual business plan, and requisite board approvals. Long Stop Date is 8 May 2026.
Strategic rationale Starlite views the venture as an expansion beyond traditional printing and packaging into high-growth AI and digital cultural content markets, leveraging existing design expertise and enhancing technological capabilities.
Regulatory classification The transaction qualifies as a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules, as the highest applicable percentage ratio exceeds 5% but is below 25%, requiring announcement but not shareholder approval or circular issuance.