Hao Bai International (Cayman) Limited (8431) announced that its wholly owned subsidiary, China Bentley Investment Co., Ltd., has entered into a non-legally binding memorandum of understanding (MOU) with Mr. Hu Jianyong to establish Hu Zhongzhi Computing Group Co., Limited. The proposed joint venture is expected to focus on construction center development, information technology services, artificial intelligence, as well as other cutting-edge technologies such as cloud computing, digital currency, and digital product development in China.
According to the announcement, a formal joint venture agreement will be drawn up based on the MOU’s terms and actual project development. The company believes this cooperation provides a framework to broaden its business scope within the construction sector, and notes that it falls within the usual course of its operations. As of the date of the announcement, negotiation of the agreement is ongoing, and any definitive terms or transactions that may arise would be subject to further disclosure requirements under the GEM Listing Rules.
Mr. Hu is introduced as the Chairman of Hu Zhong Group, holding a PhD from the University of Electronic Science and Technology of China, and serving as Vice Chairman of the Economic Committee of the China National Democratic Construction Association. The announcement states that the MOU may or may not lead to the signing of a joint venture agreement, and the company will issue relevant updates in accordance with applicable regulations.
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