Item 7.01 Regulation FD Disclosure
On May 12, 2023, FingerMotion, Inc. (the "Company" or "FingerMotion") issued a
news release to announce that it has entered into a cooperation agreement
between Migu Video Technology Co., Ltd. ("Migu Video") and FingerMotion, Inc.'s
contractually controlled subsidiary, Shanghai JiuGe Information Technology Co.,
Ltd., to start in-depth collaboration on overseas hardware and terminal
business.
Migu Video is a wholly-owned subsidiary of China Mobile's Migu Culture
Technology Co., Ltd. which is the sole streaming content producer of Migu
Culture in the video field. It is regarded as the first to establish a
Multi-channel network ("MCN") in China. Overseas growth is an essential element
of the MCN of Migu Video. Another key element is the research and development of
international standards that highlight Chinese culture and art. The final
element is the establishment of an international video sharing platform. Through
this cooperation agreement the Company seeks to collaborate with Migu Video to
develop a solution to fully combine the Company's innovative product research &
development capabilities and resource integration capabilities in order to
expand into the international streaming market with Migu Video.
This cooperation agreement sets the stage for FingerMotion to build synergies in
the development of an international streaming content aggregator and highlight
FingerMotion's brand differentiation advantages in international markets.
This cooperation agreement will help FingerMotion implement its strategic plan
of "domestic precision and overseas extension" in 2023. The initial focus will
be on Migu Video, ensuring that its entire network of users, which currently
exceeds 100 million (according to the TongbiCapital article published on March
23, 2023: https://tongbicapital.com/news/detail?_id=641cf65c3e0a126c88703834),
can see the optionality and customizable options of Migu Video.
In a subsequent phase of the collaboration with Migu Video, the two parties plan
to focus on establishing a sales organization, product optimization, and portal
upgrade in expectation of bringing more innovative services to customers while
continuously improving the social value of the overseas hardware and terminal
business. Within the next two years, the Company and Migu Video anticipate that
they will serve more than 10 million overseas users and more than 10 overseas
countries, and the Company intends to gradually expand its own sub-brands with
overseas hardware and terminal as a core line of business.
About Migu Video
Migu Video is a subsidiary of Migu Culture Technology Co., Ltd. (referred to as
"Migu Company") is an integrated professional subsidiary established by China
Mobile for the mobile Internet field and is responsible for product provision,
operation and service in the field of digital content. It is China Mobile's
music, video, reading, games, and animation digital business segments, with five
subsidiaries including Migu Music, Migu Video, Migu Digital Media, Migu
Interactive Entertainment, and Migu Animation. At present, Migu Company has
become a leading full-scene brand immersion platform in China, bringing together
more than 35 million+ songs, 4.6 million videos, 600,000+ books, 1,100+ games,
and 750,000 episodes of animation and comics. Facing the future, Migu plans to
vigorously explore the operation innovation of "Internet + digital content",
combine content incubation with channel cooperation, focus on cross-field IP
operations, and actively create four new media integration, digital content
aggregation, copyright transactions, and content entrepreneurship and
innovation. A large platform dedicated to bringing changes in entertainment
lifestyles to users.
A copy of the news release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description
99.1 News Release dated May 12, 2023
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the inline XBRL document)
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