Core Viewpoint - Kuke Music Holding Limited is changing the ratio of its American depositary shares (ADSs) to its Class A ordinary shares from 1:1 to 1:10, which is effectively a one-for-ten reverse ADS split, expected to take effect around March 13, 2025 [1][2][4]. Company Overview - Kuke Music Holding Limited is a leading classical music service platform in China, offering a comprehensive range of services from content provision to music learning, with approximately 3 million audio and video music tracks [5]. - The company collaborates with Naxos, the largest independent classical music content provider globally, giving it access to over 900 top-tier labels and record companies [5]. - Kuke provides scalable classical music licensing services to various online platforms and subscription services to over 800 universities, libraries, and institutions across China [5]. - The company has hosted the Beijing Music Festival for 24 consecutive years, enhancing its reputation in the classical music sector [5]. - Kuke aims to democratize music learning through its proprietary smart music learning solutions, KUKEY, focusing on technological innovation to improve music education accessibility in China [5]. ADS Ratio Change Details - The change in the ADS Ratio will require existing ADS holders to exchange every ten current ADSs for one new ADS, with Deutsche Bank Trust Company Americas managing the exchange process [3]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [4]. - The change is not expected to impact the underlying Class A ordinary shares, and the ADSs will continue to trade under the ticker symbol "KUKE" on the New York Stock Exchange [4]. - The trading price of the ADS is anticipated to increase proportionately, although there is no assurance that it will be ten times the price before the change [4].