Saimo Technology (02571) Plans 20 Million Yuan Joint Venture with Bosch to Boost Software and Technology Development

Stock News18:55

Saimo Technology (02571) has announced the signing of the joint venture company's articles of association and joint operation contract with Robert Bosch International Investment Co., Ltd. (RBINT) and Bosch (China) Investment Ltd. (RBCN). RBINT and RBCN, collectively referred to as Bosch, are both companies controlled by the German firm Robert Bosch GmbH. According to the agreement, Saimo Technology and Bosch will jointly establish a new company in the People's Republic of China, tentatively named Saimo Space Intelligence (Beijing) Technology Co., Ltd., subject to final registration with the relevant authorities. The joint venture will have a registered capital of RMB 32 million. Saimo Technology will contribute RMB 20 million in cash for a 62.50% equity stake. RBINT will invest RMB 8 million for a 25.00% stake, and RBCN will invest RMB 4 million for a 12.50% stake. The primary business scope of the joint venture will include software development, technology development, promotion, transfer, consulting, and computer system services. The joint venture will be a subsidiary of Saimo Technology, and its financial results will be consolidated into the company's comprehensive financial statements. The company believes that establishing this joint venture will help the group expand its business boundaries, seize market opportunities, and cultivate new growth drivers, thereby enhancing the group's overall profitability and market value. This move is expected to deliver greater returns for the company and its shareholders, aligning with their overall interests.

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