NetDragon Websoft agrees to acquire 51% of Jiuzhou Culture Media for 50 million HKD
According to Huxiu, NetDragon Websoft Inc. and Jiuzhou Culture Media Ltd signed a legally binding memorandum to form a joint venture, with NetDragon paying HKD 50 million in cash for 51% equity and Jiuzhou contributing IP including the Harness system and assets, retaining 49%. The JV will be consolidated as a NetDragon subsidiary, with a five-member board (NetDragon 3 seats and chair), and a 20–30 person Jiuzhou operations team for 2–3 years; NetDragon will also issue 25 million non-listed warrants to Jiuzhou in three tranches at HKD 10/12/15, totaling HKD 2.5 million, subject to shareholder approval, while the JV itself does not require public disclosure due to the shareholding ratio. NetDragon’s mid-2026 results show revenue of CNY 2.09 billion (-12.2%), with Mynd.ai at CNY 505 million (-21.2%), gross margin 69.9%, operating profit CNY 144 million (+24.1%), and net profit to the parent of CNY 36 million (+20%).
Key facts
- 0151% stake acquired for HKD 50 million in cash
- 02Jiuzhou contributes Harness system IP and assets
- 03NetDragon appoints 3 of 5 board seats and chairs the board
- 04NetDragon issues 25 million non-listed warrants to Jiuzhou (three tranches) at HKD 10/12/15
- 05joint venture 2–3 year term and remains a NetDragon subsidiary under consolidation
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