AGTech Entered into a Strategic Cooperation Agreement with Galaxy, Alibaba Pictures and Damai, to Participate in Macao’s Cultural and Entertainment Market
EQS Newswire / 08/02/2023 / 19:30 UTC+8
(Macao, 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 & Arena Limited, a subsidiary of Galaxy Entertainment Group Limited (“Galaxy”), Beijing Damai 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 performance, concerts, immersive and interactive performance, livehouse and music festivals, musicals and theatrical performance in Macao; (2) establishing publicity and marketing cooperation and providing sales support and management of the ticketing system; (3) organizing 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 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 had achieved a 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-Hong Kong-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.
File: AGTech Entered into a Strategic Cooperation Agreement with Galaxy, Alibaba Pictures and Damai, to Participate in Macao’s Cultural and Entertainment Market
08/02/2023 Dissemination of a Financial Press Release, transmitted by EQS News.
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