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Highest Performances Holdings Inc. (NASDAQ:HPH) ("HPH" or the "Company"), a leading provider of smart home and enterprise services, today announced that it has signed a third supplementary agreement to the strategic framework agreement previously entered into with Singapore White Group Pte. Ltd. ("White Group").
HPH intends to provide full funding to Zhongxin International Sports Group Co, Limited ("Zhongxin"), a wholly-owned subsidiary of White Group, when bidding for intellectual property rights of sporting events and all profit generated from these sporting events will be attributed to HPH. Both parties have agreed that White Group will sell 26.5% equity interests of Zhongxin to HPH, while final terms will be agreed by both parties in due course.
HPH and White Group will jointly invest in the following sports events:
(i) Major events organized by the International Tennis Federation; and
(ii) Formula 1 World Championship ("FI") events in China. F1 is the world's premier car racing series, the fourth most watched event in the world and is considered one of the "big three" global sporting events, along with the Olympics and the FIFA World Cup.
Investments in other major sporting events are also under negotiation, with details to be announced at a future date.
Posted In: HPH
