METALIGHT (02605) announced that on March 20, 2026, Wuhan Yuanguang, an associated consolidated entity controlled by the company through contractual arrangements, entered into a transfer agreement with Ningbo Yun Sui. Under the agreement, Ningbo Yun Sui agreed to sell a 66.67% property shareholding in the partnership, Hangzhou Yunzhi Meng Technology Partnership, to Wuhan Yuanguang for a total cash consideration of RMB 20 million. Upon completion of the transfer, Wuhan Yuanguang will hold a 66.67% property share in Hangzhou Yunzhi Meng as a limited partner, thereby indirectly holding approximately 9.2171% equity interest in Hangzhou Shuzhimeng Technology Co., Ltd.
On the same date, Wuhan Yuanguang and Hangzhou Shuzhimeng entered into a strategic cooperation framework agreement. The two parties will engage in deep strategic collaboration within the autonomous bus sector. The collaboration aims to integrate Wuhan Yuanguang's resources and technological expertise in the public transportation field with Hangzhou Shuzhimeng's autonomous driving technology, bus operation scenarios, data insights, and market resources. Together, they intend to explore and develop solutions for "autonomous driving + smart mobility" and jointly expand the domestic autonomous bus market to enhance both parties' brand value and market share.
The strategic cooperation framework agreement is a foundational document, with specific project implementations to be governed by separate, detailed cooperation agreements. According to the framework, the parties plan to collaborate in areas including technology research and application, business resources and market expansion, talent cooperation, and data sharing. This collaboration will involve jointly optimizing the adaptability and safety of autonomous driving algorithms in complex bus route conditions. For autonomous driving projects secured by Hangzhou Shuzhimeng, it will act as the general contractor, while Wuhan Yuanguang will provide bus operation experience, data analysis support, and local resource coordination.
The partnership will also leverage Wuhan Yuanguang's existing bus customer resources and government relationship networks to promote the implementation of autonomous driving demonstration routes and commercial operations. Additionally, a talent exchange mechanism will be established, and the parties will explore sharing anonymized data in compliance with laws and regulations. Under equivalent conditions, the two parties intend to be each other's priority partner in the autonomous bus field and will prioritize inviting the other to participate in business opportunities involving their respective areas of expertise.
The Board of Directors believes that the acquisition will enable the group to indirectly hold an interest in Hangzhou Shuzhimeng through the partnership, allowing it to participate in Hangzhou Shuzhimeng's future development and share in the potential returns from its business growth. Hangzhou Shuzhimeng primarily focuses on SaaS solutions based on bus data platforms and related software and hardware services. Its business revolves around the digital operation and management of public transportation, which holds synergistic potential with the group's business development in smart mobility and time-series data technology.
Furthermore, the Board notes that China's smart bus industry is undergoing a transformation from informatization and digitalization to intelligentization. With the rapid development of autonomous driving technology, autonomous buses (Robobus) have become a key focus for the industry. The large-scale implementation of autonomous driving technology in bus scenarios relies not only on mature vehicle perception and control technology but also heavily depends on precise bus network data, passenger flow analysis capabilities, and deep collaboration with bus operating companies.
The group has been actively exploring business opportunities in autonomous buses. Leveraging its years of industry experience, customer base, and cooperative network with bus operators, along with its core technology stack based on time-series data foundational models and supported by the vast amount of bus travel data and user travel behavior insights accumulated by the "Che Lai Le" platform, the group can provide underlying data intelligence support for route planning, scheduling optimization, and operational decision-making in autonomous bus scenarios, thereby helping bus operators improve service efficiency.
The Board believes that entering into the strategic cooperation framework agreement will establish a foundation for a long-term cooperative relationship between the group and Hangzhou Shuzhimeng. Through this collaboration, the group has the opportunity to combine its own technical capabilities in time-series data analysis and spatiotemporal models, as well as the user reach advantages of the "Che Lai Le" platform, with Hangzhou Shuzhimeng's extensive experience in bus data platforms, route network optimization algorithms, and operational scenarios. This synergy will allow them to jointly explore technology applications and commercial implementation opportunities in autonomous bus scenarios, providing better smart mobility services for bus operators and the urban public, while further deepening the group's understanding of the development of digital public transportation and the smart mobility industry.
The Board also believes that by participating in the partnership and engaging in strategic cooperation with Hangzhou Shuzhimeng, the group can strengthen its connections with relevant industry participants and explore potential opportunities for business synergy and new application scenarios, while maintaining a prudent investment scale. After considering the above factors, the Board considers that both the acquisition and the strategic cooperation framework agreement are conducted on normal commercial terms, are fair and reasonable, and are in the overall interests of the company and its shareholders.
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