Tian Ge Interactive Holdings Announces Substantial Fair Value Gain on Fund Investments Following Manycore Tech IPO

Tian Ge Interactive Holdings Limited has issued an announcement regarding a significant fair value gain arising from its indirect investments in Manycore Tech Inc., a newly listed company on the Main Board of the Hong Kong Stock Exchange (Stock Code: 0068).

Key Points from the Announcement

• Indirect Ownership Structure: Tian Ge holds approximately 6.1% interest in Planetree Partners I, L.P. (the “Fund”), and around 42.4% shareholding in EXC Investment LLC (the “SPV”).
• Pre-IPO Investment: Both the Fund and the SPV were pre-IPO investors in Manycore Tech Inc., which was listed on 17 April 2026.
• Shareholding in Manycore: As of the date of the announcement, the Fund and SPV together own 23,109,055 shares in Manycore. This translates to Tian Ge indirectly owning 3,945,813 shares, which is approximately 0.23% of Manycore’s issued share capital.
• Investment Details:
  • The Fund subscribed for Series B-1, Series C, and Series D-2 Preferred Shares in Manycore.
  • The SPV acquired Series B-1 Preferred Shares via the secondary trading market.
• Significant Fair Value Gain: Based on the Company’s measured fair value per invested share of RMB4.20 as of 31 December 2025, and the share price at the announcement date (which has seen significant growth since listing), Tian Ge has recorded a noteworthy fair value gain on these investments.

Important Information for Shareholders and Investors

• Lock-up Period: The Fund and SPV are subject to a six-month lock-up period following Manycore’s listing, as required by the Hong Kong Listing Rules. During this period, they cannot dispose of their interests in Manycore.
• Potential Price Sensitivity: The fair value gain is significant and may positively impact Tian Ge’s financial results. However, the share price of Manycore may fluctuate, which could affect the value of Tian Ge’s indirect holding.
• Performance Fee Deductions: Upon eventual sale of the Manycore shares, performance fees will be deducted by the respective fund managers of the Fund and the SPV from the sale proceeds.
• Investor Caution: Shareholders and potential investors are advised to exercise caution when trading Tian Ge’s shares or other securities and to consult professional advisers if in doubt.

Board and Executive Information

• Chairman: Fu Zhengjun
• Executive Directors: Fu Zhengjun, Mai Shi’en, Zhao Weiwen
• Non-executive Director: Cao Fei
• Independent Non-executive Directors: Tse Ming Lun Alan, Wang Mingchun, Lam Yick Man

Summary for Investors

This announcement is highly relevant to shareholders and potential investors, as the fair value gain on investments in Manycore Tech Inc. could impact Tian Ge Interactive’s upcoming financial results and valuation. However, future realizable gains remain subject to market price fluctuations, lock-up restrictions, and performance fees.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Shareholders and potential investors should conduct their own due diligence and consult professional advisers before making any investment decisions. The value of investments can go up as well as down, and past performance is not indicative of future results.

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