SHENZHEN, China, March 16, 2026 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced that all conditions precedent to the disposition of a majority equity interest in Shenzhen Onething Technology Co., Ltd. (“Shenzhen Onething”), as previously announced on March 3, 2026 (the “Transaction”), have been satisfied and accordingly, the Transaction has successfully closed. The Company’s variable in ...

Core Viewpoint - Xunlei Limited has announced a transaction to transfer a 50% equity interest in Shenzhen Onething Technology Co., Ltd. for a total cash consideration of RMB125 million, which will result in Xunlei retaining a 20% stake in Shenzhen Onething after the transaction [1][3][9] 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 for RMB75 million [2] - The transaction will reduce Xunlei's ownership in Shenzhen Onething from 70% to 20%, meaning it will no longer consolidate Shenzhen Onething's financial results post-transaction [3][9] - The transaction consideration was determined based on Shenzhen Onething's unaudited net asset value, market conditions, and the equity interest percentages being acquired [4] Group 2: Payment Structure - The payment obligations for Wuhan Kingsoft Cloud and Xinghan Zhilian are separate, with Xinghan Zhilian paying RMB15 million within ten business days and the remaining RMB60 million on closing, while Wuhan Kingsoft Cloud will pay RMB50 million in a single installment [5] - The transaction is subject to various closing conditions, including corporate approvals and compliance with U.S. Securities and Exchange Commission disclosure obligations [6] Group 3: Governance and Evaluation - A shareholders agreement has been established to govern Shenzhen Onething post-closing [7] - The audit committee of Xunlei's board, with the assistance of an independent financial advisor, evaluated and negotiated the transaction, concluding it is in the company's best interest [8][9] Group 4: Financial Performance of Shenzhen Onething - Shenzhen Onething reported a profit before tax of RMB12.4 million for the year ended December 31, 2025, compared to a loss of RMB21.3 million in 2024 [15] - The total assets of Shenzhen Onething increased from RMB398.0 million in 2024 to RMB522.1 million in 2025, while net liabilities decreased from RMB668.2 million to RMB240.0 million during the same period [15]

Core Insights - JDE Peet's provided an interim update on its business and financial performance for the year-to-date and proposed the appointment of Mr. Rob de Groot as a non-executive member of the Board of Directors [1][5]. Business Performance Update - The company divested its tea business in Turkey, which generated approximately EUR 60 million in annual sales but had a negative contribution to adjusted EBIT, to Efor Holding [7]. - The rollout of L'OR Barista machines in the U.S. has been discontinued, and management of the L'OR capsules business in the U.S. will be transferred to Peet's to better capture the potential of the U.S. coffee market [7]. - A strong volume rebound in Europe was observed since March, following a material impact in January and February [7]. Financial Performance Update - Overall financial performance in Q1 2025 was in line with company expectations, supported by disciplined pricing and cost control [7]. - Green coffee prices were, on average, 28% higher in the first four months of 2025 compared to the second half of 2024, prompting the company to consider additional measures, including price increases [7]. - As of May 2, 2025, 28% of the EUR 250 million share buyback program had been completed [7]. Strategic Initiatives - The company is progressing with various strategic initiatives aimed at driving growth, operational simplification, and efficiency gains [7]. - More details regarding the company's strategy and transformation initiatives will be shared at the Capital Markets Day scheduled for July 1, 2025 [7]. Leadership Update - Mr. Rob de Groot's appointment as a non-executive member of the Board is subject to approval at the 2025 Annual General Meeting of Shareholders on June 19, 2025 [9]. - The new CFO, Yang Xu, will start on May 19, 2025 [7].