China Bright Culture Streamlines Operations

China Bright Culture Group (HK:1859) has released an update.

China Bright Culture Group has announced the termination of its existing contractual arrangements and the disposal of assets and liabilities, marking a strategic reorganization to avoid uncertain liabilities and dispose of underperforming assets. The disposed assets, including some involved in litigation and receivables from the TV program ‘Lego Masters’, along with liabilities of approximately RMB 224 million to banks and tax authorities, were deemed unrecoverable by the new management. This move is aimed at protecting shareholder interests by mitigating potential financial risks.

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