TryHard Holdings Limited Signs Memorandum of Cooperation for the Japanese Market "Star Party"

Rhea-AI Summary

TryHard Holdings (Nasdaq: THH) signed a Memorandum of Cooperation with STAR PARTY HK to explore a joint venture, Star Party Japan Investment Co., Ltd., to expand the “星聚会/STAR PARTY” entertainment and social-space brand in Japan. The proposed JV shows a tentative registered capital of ¥90,000,000 with each party contributing RMB 7.5 million (or equivalent); Star Party would hold 65% equity and TryHard 35% equity. The MoC is primarily non-binding and contemplates further negotiation on governance, IP, capital, and profit-sharing. Establishment of the JV remains subject to due diligence, approvals, Japanese regulations, and definitive agreements; no assurance of completion was given.

Positive

• Proposed registered capital of ¥90,000,000
• Star Party equity share set at 65%
• TryHard equity share set at 35%
• Each party proposes to contribute RMB 7.5 million in cash

Negative

• MoC is primarily non-binding and subject to approvals
• JV formation contingent on due diligence and regulatory clearance
• No assurance the joint venture will be completed

News Market Reaction

-76.25% 64.4x vol

176 alerts

-76.25% News Effect

-97.7% Trough in 32 hr 18 min

-$5.14B Valuation Impact

$1.60B Market Cap

64.4x Rel. Volume

On the day this news was published, THH declined 76.25%, reflecting a significant negative market reaction. Argus tracked a trough of -97.7% from its starting point during tracking. Our momentum scanner triggered 176 alerts that day, indicating very high trading interest and price volatility. This price movement removed approximately $5.14B from the company's valuation, bringing the market cap to $1.60B at that time. Trading volume was exceptionally heavy at 64.4x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

JV registered capital: 90 million Japanese Yen Star Party cash contribution: RMB 7.5 million Star Party registered capital portion: 58.5 million Japanese Yen +5 more

8 metrics

JV registered capital 90 million Japanese Yen Tentative registered capital of Star Party Japan Investment Co., Ltd.

Star Party cash contribution RMB 7.5 million Proposed cash contribution to the JV

Star Party registered capital portion 58.5 million Japanese Yen Part of Star Party’s contribution recorded as JV registered capital

TryHard cash contribution RMB 7.5 million Proposed cash contribution to the JV

TryHard registered capital portion 31.5 million Japanese Yen Part of TryHard’s contribution recorded as JV registered capital

Star Party equity stake 65% Proposed equity interest in the JV Company

TryHard equity stake 35% Proposed equity interest in the JV Company

JV capital payment Lump sum Capital contributions to be paid in full upon JV establishment in principle

Market Reality Check

Price: $0.7000 Vol: Volume 973,170 is 4.46x t...

high vol

$0.7000 Last Close

Volume Volume 973,170 is 4.46x the 20-day average of 218,287, indicating elevated trading activity before this MoC announcement. high

Technical Shares traded above the 200-day MA at 11.42, placing THH in a pre-news uptrend despite the recent pullback.

Peers on Argus

THH fell 41.87% while peers were mixed: SPIR +4.49%, QUAD +0.33%, KODK -0.66%, A...

THH fell 41.87% while peers were mixed: SPIR +4.49%, QUAD +0.33%, KODK -0.66%, ANPA +66.56%, RHLD -5.89%. Moves do not indicate a unified sector trend.

Historical Context

5 past events · Latest: Jan 14 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Equity purchase facility	Negative	-41.9%	Announced $25M equity purchase facility and commitment share issuance.
Jan 13	Share repurchase plan	Positive	+138.3%	Board approved up to US$10M share repurchase program through 2028.
Jan 13	Investment fund collaboration	Positive	+138.3%	Binding deal to form Hong Kong entertainment fund targeting USD 10–20M.
Sep 26	Nasdaq listing milestone	Positive	-9.1%	Celebrated Nasdaq listing and outlined IPO proceeds use and expansion plans.
Sep 10	Strategic SBI partnership	Positive	+0.0%	Deepened partnership restructuring MUSIC CIRCUS and related festival branding.

Pattern Detected

Recent THH news has often triggered strong price swings, with both capital markets actions and strategic partnerships driving large moves; positive strategic items have seen sharp rallies, while financing-related news coincided with a steep decline.

Recent Company History

Over the last several months, THH has combined strategic partnerships with capital markets activity. On January 13, 2026, it announced a US$10.0 million share repurchase program and the same day a collaboration to form a Hong Kong entertainment fund targeting USD 10–20 million, with shares rising 138.31%. On January 14, 2026, a $25.0 million Equity Purchase Agreement coincided with a 41.87% drop. Earlier, its Nasdaq listing on September 26, 2025 and a deeper SBI partnership on September 10, 2025 produced muted to negative reactions.

Market Pulse Summary

The stock dropped -76.3% in the session following this news. A negative reaction despite the MoC ann...

Analysis

The stock dropped -76.3% in the session following this news. A negative reaction despite the MoC announcement fits a pattern where capital-raising steps overshadow strategic updates. The recent $25.0 million Equity Purchase Agreement and prior resale registrations highlighted potential share supply, and the “Star Party” JV remains non-binding and subject to due diligence and approvals. Until definitive agreements and execution progress are disclosed, investors may have focused more on financing risk than future growth optionality.

Key Terms

memorandum of cooperation, joint venture, registered capital, capital reserve, +4 more

8 terms

memorandum of cooperation financial

"today announced that it has entered into a Memorandum of Cooperation (the “MoC”)"

A memorandum of cooperation is a written agreement where two or more parties outline how they will work together, what each will contribute, and the basic timeline or goals. Think of it as a formal handshake that maps responsibilities and intentions without usually creating strict legal obligations; for investors it signals that companies are aligning resources or strategy, which can indicate future cost savings, new markets, or reduced execution risk, but it is not a guaranteed outcome.

joint venture financial

"explore the establishment of a joint venture company in Japan"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

registered capital financial

"The registered capital of the JV Company is tentatively set at 90 million Japanese Yen"

Registered capital is the amount of money a company lists with regulators as the owners’ committed contribution when the business is formed or restructured. It functions like the company’s declared funding pledge and sets the legal baseline for owners’ financial responsibility; investors use it as a quick signal of how much capital the owners have promised, the company’s formal size, and potential limits on issuing more shares or taking on obligations.

capital reserve financial

"remaining contribution amount ... shall be recorded as capital reserve of the JV Company"

A capital reserve is a portion of a company's profits set aside for special purposes, such as funding future growth or covering unexpected expenses. It acts like a savings fund that helps ensure the company’s stability and long-term success, which is reassuring for investors because it indicates the company is prepared for future opportunities or challenges.

intellectual property regulatory

"brand authorization and intellectual property matters, and capital and profit-sharing mechanisms"

Intellectual property are legal rights that protect creations of the mind—such as inventions, brand names, designs, software, or secret formulas—giving the owner control over who can use, copy or sell them. For investors, IP is like owning a blueprint or recipe: it can generate steady income through exclusive sales or licensing, boost a company’s competitive edge and valuation, and also create costs or risks if rights must be defended or challenged in court.

due diligence financial

"subject to further negotiations, due diligence, internal approvals"

Due diligence is the careful investigation and analysis someone conducts before making a decision, such as investing money or entering into an agreement. It’s like researching thoroughly before buying a used car to ensure it’s in good condition; this helps prevent surprises and makes informed choices. For investors, due diligence reduces risk by verifying details and understanding what they’re getting into.

regulatory requirements regulatory

"applicable regulatory requirements, and the execution of definitive agreements"

Regulatory requirements are the rules and standards set by government agencies that businesses must follow to operate, report financials, protect consumers, or meet safety and environmental standards. For investors they matter because meeting or missing these rules can affect a company’s costs, reputation and legal standing—like a car that must pass inspection: compliance keeps it running and saleable, while violations can cause fines, delays or lost value.

definitive agreements financial

"upon the execution of definitive agreements"

Definitive agreements are the final, legally binding contracts that set the exact terms of a corporate deal—such as a merger, acquisition, asset sale, or major financing. They matter to investors because signing them turns rough plans into concrete obligations that determine price, timing, required approvals and what happens if the deal falls through; think of them as the signed purchase contract in a house sale that makes the deal official and enforceable.

AI-generated analysis. Not financial advice.

OSAKA, Japan, Jan. 15, 2026 (GLOBE NEWSWIRE) -- TryHard Holdings Limited ("TryHard" or the "Company")(Nasdaq: THH), a lifestyle entertainment company in Japan with principal businesses comprised of (i) event curation; (ii) consultancy and management services; (iii) sub-leasing of entertainment venues; and (iv) ownership and operation of restaurants, today announced that it has entered into a Memorandum of Cooperation (the “MoC”) with STAR PARTY HK LIMITED, marking a significant first step toward the development of the “Star Party” entertainment and social space brand in Japan.

Under the MoC, the parties intend to explore the establishment of a joint venture company in Japan to serve as a core operating and investment platform for the Star Party business in the Japanese market. The proposed cooperation reflects a shared commitment to establishing a mutual beneficially collaboration in developing the “Star Party” brand in Japan.

Proposed Joint Venture to Anchor “Star Party” Expansion in Japan

Pursuant to the MoC, TryHard and STAR PARTY HK LIMITED plan to jointly register and establish Star Party Japan Investment Co., Ltd. (final name subject to approval by the relevant authorities). The proposed joint venture would be responsible for the localized operation and expansion of entertainment and social space businesses under the brands “星聚会” and “STAR PARTY” (collectively, “Star Party”) in Japan.

The joint venture is envisioned as an integrated platform designed to:

• Develop and operate Star Party-branded entertainment and social venues across Japan
• Leverage the parties’ respective strengths in branding, resources, management expertise, and supply chain capabilities
• Coordinate capital, technology, talent, and compliance resources to support compliant, stable, and efficient project execution
• Enhance the strategic positioning and long-term brand value of Star Party in the Japanese market

Capital Contribution Ratio, Registered Capital, and Contribution Method

The registered capital of the JV Company is tentatively set at 90 million Japanese Yen (or equivalent foreign currency).

Proposed capital contribution structure:

Star Party shall contribute RMB 7.5 million in cash (or equivalent foreign currency), of which 58.5 million Japanese Yen (or equivalent foreign currency) shall be recorded as the registered capital of the JV Company, and the remaining contribution amount (or equivalent foreign currency) shall be recorded as capital reserve of the JV Company. Star Party shall hold 65% of the equity in the JV Company.

TryHard shall contribute RMB 7.5 million in cash (or equivalent foreign currency), of which 31.5 million Japanese Yen (or equivalent foreign currency) shall be recorded as the registered capital of the JV Company, and the remaining contribution amount (or equivalent foreign currency) shall be recorded as capital reserve of the JV Company. TryHard shall hold 35% of the equity in the JV Company.

In principle, the capital contribution amounts from both Star Party and TryHard shall be paid in full in a lump sum upon the establishment of the JV Company. The specific payment timing shall be separately determined by both Star Party and TryHard based on relevant Japanese regulations.

Framework for Further Negotiation and Cooperation

The MoC establishes a preliminary framework for continued discussions between the parties. Key areas for further negotiation include, among others, joint venture structure, governance and management arrangements, brand authorization and intellectual property matters, and capital and profit-sharing mechanisms, all of which will be subject to mutual agreement and the execution of definitive legal documentation.

The MoC reflects the parties’ shared strategic intent and, except for certain customary provisions, is non-binding in nature. The proposed joint venture and related cooperation remain subject to further negotiations, due diligence, internal approvals, applicable regulatory requirements, and the execution of definitive agreements. There can be no assurance that the joint venture will be established or that any transaction will ultimately be completed.

Management Commentary

“We are pleased to cooperate with STAR PARTY HK LIMITED on the Star Party initiative,” said Mr. Otsuki, the CEO of TryHard Holdings Limited. “By combining our respective strengths, we aim to create meaningful engagement in the Japanese market and lay a solid foundation for future collaboration.”

A representative of STAR PARTY HK LIMITED added, “Japan represents a strategically important market for our long-term growth. The signing of this Memorandum of Cooperation marks an important first step in building localized engagement through the Star Party initiative. We look forward to working closely with our partner to better understand the market and identify sustainable opportunities.”

Further announcements will be made as discussions progress and, where applicable, upon the execution of definitive agreements.

About TryHard Holdings Limited

As a lifestyle entertainment company in Japan, TryHard Holdings Limited aims to be on the cutting edge of the entertainment industry by introducing state-of-art technology, immersive storytelling, and bespoke experiences that are multi-sensory. The Company’s mission is to create unique entertainment experiences that captivate audiences, foster memorable connections, and leave a lasting impact. Principal businesses comprise of (i) event curation; (ii) consultancy and management services; (iii) sub-leasing of entertainment venues; and (iv) ownership and operation of restaurants.

By merging creativity, technology and hospitality expertise, TryHard strives to redefine the entertainment landscape in Japan and beyond. Commitment to innovation, quality, and customer satisfaction drives TryHard to continuously push boundaries and exceed expectations.

For more information, please visit the Company's website: https://www.tryhardthh.com/.

About “Star Party”

Star Party was established in 2011 in Suzhou, China, and is dedicated to providing users with a diverse entertainment experience that goes beyond traditional KTV. Star Party aims to create a super social platform that connects people and culture through music. The company enhances user experience through sound, light, and electrical technology upgrades and IoT applications, while collaborating with music platforms to promote cultural sharing, discover, and support original musicians, constructing a music content ecosystem that helps Chinese music reach the international stage.

As a Chinese chain entertainment brand, Star Party is centered around the “KTV+” model, integrating KTV with elements such as script murder games and music socializing to create an entirely new social space. Star Party believes “Using Eastern Music to Make Friends Worldwide,” aiming to establish a super social platform that connects people and culture through music, leading the development of global lifestyles.

As of 2024, Star Party demonstrated strong profitability and has established a presence in over 100 cities in China, with more than 600 stores, and plans to expand to more than 1,000 stores in the future.

For more information, please visit the Company's website: https://www.tryhardthh.com/

IR Contact:
HBK Strategy Limited
ir@hbkstrategy.com
+852 2156 0223

Disclaimer

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook in this press release, as well as TryHard’s strategic and operational plans and expectations regarding the “Star Party” collaboration, contain forward-looking statements. TryHard may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about TryHard’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: TryHard’s goals and strategies; TryHard’s future business development, financial conditions, and results of operations; the expected outlook of the lifestyle entertainment business in Japan; TryHard’s expectations regarding demand for and market acceptance of its products and services; TryHard’s expectations regarding its relationships with its customers and other stakeholders; competition in TryHard’s industry; TryHard’s proposed use of proceeds; and relevant government policies and regulations relating to TryHard’s industry, and general economic and business conditions in Japan and assumptions underlying or related to any of the foregoing. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

Investors are advised to refer to the Company’s filings made with the U.S. Securities and Exchange Commission when making investment decisions, which are available for review at www.sec.gov.

This release does not constitute an offer to sell or solicit an offer to buy any securities, nor does it represent a public offering under Financial Instruments and Exchange Act of Japan.

FAQ

What did TryHard (THH) announce about the Star Party JV on January 15, 2026?

TryHard announced a Memorandum of Cooperation with STAR PARTY HK to explore forming a JV, Star Party Japan Investment Co., Ltd., to develop the Star Party brand in Japan.

What is the proposed registered capital and ownership split for the THH joint venture?

The JV's tentative registered capital is ¥90,000,000; Star Party would hold 65% and TryHard would hold 35%.

How much cash will TryHard contribute to the proposed JV with Star Party?

TryHard proposes to contribute RMB 7.5 million in cash (or equivalent), part recorded as registered capital and part as capital reserve.

Is the Star Party joint venture with TryHard finalized?

No; the MoC is preliminary and non-binding, and the JV depends on further negotiation, due diligence, internal approvals, and regulatory requirements.

What strategic role will the proposed Star Party JV play for TryHard (THH)?

The JV is intended as a core operating and investment platform to develop and operate Star Party-branded entertainment and social venues across Japan.