Kinetic Development Group entered into an agreement to acquire 73% stake in Star Idea from Zhang Li for $62.8 million on December 30, 2022. Under the terms, $19.4 million shall be paid as deposit with the balance being paid on or before closing. The consideration shall be funded with internal cash.

For the year ending December 31, 2022, Star Idea reported net loss after tax of $8.3 million and net assets of $34.9 million. Completion of the transaction is subject to approval of Kinetic Development's shareholders, satisfactory financial, legal and business due diligence, all consents required from any competent governmental authority or other third party have been obtained. An independent board committee of Kinetic Development has been formed to advise the independent shareholders in respect of the acquisition.

The directors of Kinetic Development recommend the Independent Shareholders to vote for the transaction. Rainbow Capital (HK) Limited acted as a financial advisor for Kinetic Development.