CN CULTURE GP (00745.HK): Subsidiary Chic Culture Signs MOU with Fireverse for Strategic Cooperation in AI Music Platforms, Artist Co-creation and Live Concerts
NewTimeSpace News: On 8 September 2026 (after trading hours), China National Culture Group Limited (stock code: 00745) announced that its indirect wholly-owned subsidiary, Chic Culture Corporation Limited, had entered into a non-legally binding memorandum of understanding with FIREVERSE Ventures Limited for a proposed strategic cooperation in AI-generated music, artist discovery and co-creation, and live concerts and performance businesses.
According to the announcement, the parties intend to cooperate on three business pillars. First, they will jointly launch an AI-generated music content platform, with Chic Culture leading operational execution, marketing, user acquisition, brand positioning, monetisation and financial management, while Fireverse will be responsible for designing, hosting, maintaining and supplying the platform's core AI music technology. Second, in artist discovery and AI co-creation, Fireverse will identify, engage and support artists, producers and creators, and the parties will facilitate co-creation projects combining human artistic talent with AI music generation, including live and virtual performances, interactive music experiences and digital intellectual property releases. Third, in concerts and live performance business, the parties will jointly organise, produce and promote concert experiences integrating AI-driven music content, immersive visual technology and live music production.
The announcement noted that no commercial terms had been agreed as of the date of this announcement; revenue sharing, equity or capital contributions, IP ownership, licence fees, operating budget allocation and performance metrics will be discussed, finalised and signed within three months from the date of the MOU. Neither party is required to pay any consideration or assume any financial or operational commitment under the MOU, and ownership of jointly created intellectual property will be determined with reference to each party's economic and creative contributions in a formal definitive agreement to be entered into.
The board considers that the proposed cooperation is consistent with the group's strategy of developing and strengthening its existing advertising and e-commerce businesses through, among others, entertainment-related projects and AI-generated music, videos and games. It would allow the group to gain access to AI music generation technology without in-house development, while its capabilities in design, digital advertising, marketing and e-commerce operations complement Fireverse's technology, and the artist recruitment, co-creation and live performance elements may create additional content and revenue opportunities. The announcement cautioned that the MOU merely records the parties' preliminary consensus, and that there is no guarantee that a definitive agreement will be entered into or that the proposed cooperation will be implemented as contemplated, or at all. Shareholders and potential investors are advised to exercise caution when dealing in the company's securities.
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