Xunlei enters agreements for diposition of equity interest in Shenzhen Onething

Core Viewpoint - Xunlei (XNET) has announced a transaction to transfer a 50% equity interest in Shenzhen Onething Technology for a total cash consideration of RMB125 million, which will result in Xunlei retaining a 20% equity interest in Shenzhen Onething after the transaction [1] Group 1: Transaction Details - Shenzhen Xunlei will transfer 20% of its equity interest in Shenzhen Onething to Wuhan Kingsoft Cloud for RMB50 million and 30% to Shenzhen Xinghan Zhilian Technology for RMB75 million [1] - Prior to the transaction, Shenzhen Xunlei held 70% of the equity interest in Shenzhen Onething, and after the transaction, it will hold 20% [1] - The transaction consideration was determined through arm's length negotiations, considering the unaudited net asset value of Shenzhen Onething as of December 31, 2025, current market conditions, and the equity interest percentages being acquired [1] Group 2: Payment Structure - Xinghan Zhilian will pay RMB75 million in two installments: 20% within ten business days of signing the agreements and 80% on the closing date [1] - Wuhan Kingsoft Cloud will pay RMB50 million in a single installment on the closing date of its equity transfer transaction [1] Group 3: Closing Conditions - The transaction is subject to various closing conditions, including obtaining necessary corporate approvals and fulfilling disclosure obligations to the U.S. Securities and Exchange Commission [1] - The closing of the transaction must occur no later than ten business days after all conditions are satisfied or waived, with the possibility of mutual agreement for an alternative closing date [1] Group 4: Governance Framework - A shareholders agreement has been established to outline the post-closing governance framework for Shenzhen Onething [1]