AGTech Entered into a Strategic Cooperation Agreement with galaxy, Alibaba Pictures, and Damai, to Participate in Macao’s Cultural and Entertainment Market

February 13, 2023 | Vendor News

MACAO, SAR (February 8, 2023) – AGTech Holdings Limited (“AGTech”, together with its subsidiaries, the “Group” ) is pleased to announce today that it has entered into a strategic cooperation agreement with Galaxy ICC&ArenaLimited, a subsidiary of Galaxy Entertainment Group Limited (“Galaxy”), BeijingDamai Cultural Media Development Co., Ltd. (“Damai”), and Alibaba Pictures Group Limited (“Alibaba Pictures”), the parties entered into a strategic cooperation agreement by utilizing their respective resources and experiences for the purposes of organizing Macao cultural and entertainment activities and promoting the development of the cultural and entertainment industry in Macao.

The strategic cooperation agreement covers (1) organizing live performances, concerts, immersive and interactive performances, live house and music festivals, musicals, and theatrical performances in Macao; (2) establishing publicity and marketing cooperation and providing sales support and management of the ticketing system; (3) organizing the local exhibition, awards ceremony and film festival in Macao; and (4) boosting the cooperation in movies and bringing in talents in the cultural and entertainment industry in Macao. The term of the strategic cooperation agreement commences from February 8, 2023 to February 7, 2026.

The board of directors of AGTech believes that the formation of the above strategic cooperation is beneficial for the Group to participate in the cultural and entertainment market of Macao by relying on the convenience and comprehensive development of the electronic payment of Macau Pass (a subsidiary of AGTech), and the advantageous experience in local marketing technology services in Macao, and by leveraging Galaxy’s infrastructure and resources, Damai’s leading online ticketing platform for live events in mainland China and Alibaba Pictures’ internet-driven integrated platform for the entertainment industry to reach more customers and provide those customers with easy access to high-quality movies and/or events, and will be beneficial to the development of the Group’s businesses in non-payment areas.

On October 29, 2022, the final of the fifth season of the competitive reality show”Street Dance of China” was held in Macao. Tickets were sold by MPay (e-Wallet of Macau Pass) in Macao. This was an important attempt of Macau Pass to give full play to the energy of online and offline scenes and achieved great success.

As a member of the Alibaba Group, AGTech has many years of experience in the operation, insight, and marketing of the entertainment consumption platform with local characteristics of Macao based on Macau Pass. AGTech will do its best to support the diversified development of Macao, “starting from Macao and stepping into the world” to meet the ever-upgrading consumer demand in the Guangdong-HongKong-Macao Greater Bay Area, and to provide users with stable, safe, and fast electronic payment experience.

The board contemplates that such strategic cooperation could also allow the company and other parties of the strategic cooperation agreement to leverage their respective strengths and market competitiveness and create synergies and provide full service for Macao residents and tourists, which will in turn generate long-term returns to the company and its shareholders.

About AGTech Holdings Limited

AGTech was incorporated in Bermuda and its Shares are listed on GEM(Stock Code: 8279). AGTech is an integrated technology and services company engaged in electronic payment services, lottery, mobile games, and entertainment and marketing technical services and non-lottery hardware supply markets with a focus on Mainland China and Macao. As a member of the Alibaba Group, the Group is the exclusive lottery platform of Alibaba Group and Ant Group.

AGTech’s businesses are broadly divided into four principal categories:

(i) Lottery:
(a) lottery hardware sales;
(b) lottery distribution through physical channels and ancillary services;
(ii) Electronic payment:
(a) provision of payment card services and ancillary services;
(b) provision of e-wallet services;
(c) provision of acquiring services for other payment platforms;
(iii) Games and entertainment and marketing technical services; and
(iv) Non-lottery hardware supply (including sales and leasing).

SOURCE: AGTech Holdings Limited.

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