Nocera Inc (NCRA) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Nocera, Inc. solidified its influence over Zhejiang Xinca Mutual Entertainment Culture Media Co., Ltd., a Chinese entity, through a series of agreements making Xinca a variable interest entity (VIE). These agreements grant Nocera control over Xinca’s key operations and the right to its financial benefits, including voting rights and economic interests. Additionally, Nocera’s subsidiary Shanghai Nocera Culture Co., Ltd. has the option to buy Xinca’s equity under Chinese law. The strategic move allows Nocera to navigate China’s restrictions on foreign investment while maintaining significant operational control and economic interest in Xinca.
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For a comprehensive understanding of the announcement, you can read the full document here.