On September 16, 2025, STARPLUS LEGEND Holdings Limited announced that its wholly-owned subsidiary, Starcreative (Kunshan) Entertainment Limited, will acquire approximately 1.17% equity in Beijing National Stadium Company Limited (the Bird's Nest operator).

Following completion of this transaction, STARPLUS LEGEND will become the only private enterprise shareholder in the Bird's Nest, marking the first entry of private capital into the operational framework of this national cultural landmark.

STARPLUS LEGEND's acquisition involves approximately 1.17% equity in Beijing National Stadium Company Limited, corresponding to approximately RMB 24.3 million of the target company's paid-up registered capital.

The transaction seller is Beijing Jinzhou Sunshine Consulting Co., Ltd., which is currently undergoing bankruptcy liquidation proceedings. Therefore, this acquisition remains subject to multiple preconditions, including the lifting of asset freezes on the equity being sold, waiver of preemptive purchase rights by National Stadium Company shareholders, and completion of necessary state-owned asset supervision procedures.

Despite the relatively small equity percentage, this move makes STARPLUS LEGEND the only private enterprise shareholder in the Bird's Nest operating company, carrying significant symbolic meaning and strategic value.

STARPLUS LEGEND is not entering as an event organizer, but rather as an "IP strategic partner," providing comprehensive services covering IP creativity, design, development, and commercial operations for top-tier artists holding concerts at the Bird's Nest, the Bird's Nest brand itself, and major events and conferences it hosts.

This cooperation model aims to build an IP-centric experience value chain spanning the complete cycle of "warm-up, live event, derivative products, and afterglow," creating a new business model through a closed loop of "IP empowering scenarios, scenarios nurturing IP."

Despite the attractive strategic prospects, this partnership still faces underlying concerns. The 1.17% equity stake means STARPLUS LEGEND has limited decision-making power in the target company, relying more on cooperation agreements rather than equity control to achieve strategic synergy.

The state-owned nature of the Bird's Nest determines that its operations must balance social benefits with economic returns, creating a "ceiling" on commercial development opportunities. The integration of IP with landmarks must overcome cultural differences and operational coordination challenges, such as avoiding over-commercialization that could damage the Bird's Nest brand positioning, or ensuring IP content aligns with the venue's character.

Furthermore, this acquisition remains subject to multiple preconditions, including the lifting of asset freezes on the equity being sold, waiver of preemptive purchase rights by National Stadium Company shareholders, and completion of necessary state-owned asset supervision procedures. Whether the transaction will proceed smoothly remains to be observed.

Following the announcement, STARPLUS LEGEND's stock price quickly reversed from a decline of approximately 4% to gains of 2%. By market close, the company's stock price settled at HK$11.42 per share, down 4.83%.

Market reaction to this acquisition shows characteristics of short-term volatility alongside long-term expectations. Investors may be optimistic about the long-term strategic value of STARPLUS LEGEND's partnership with the Bird's Nest, but remain cautious about whether this small-scale equity investment can deliver substantial business synergy.

For STARPLUS LEGEND, which is experiencing a decline in its IP business, this partnership could become a key element in breaking through growth bottlenecks and achieving business diversification. However, challenges including limited decision-making power from the small equity stake and commercialization boundaries under state-owned enterprise background still make the prospects of this "partnership" uncertain.

(Note: This article incorporates AI-generated content and does not constitute investment advice. Markets carry risks, and investment requires caution.)