HAO BAI INTL (08431) announced that its wholly-owned subsidiary, China Bentley Investments Limited, recently signed a non-binding memorandum of understanding (MOU) with Mr. Hu Jianyong (the contracting party). The MOU outlines plans to collaborate in the development of centers, IT services, and artificial intelligence in China, while also covering cutting-edge technologies such as cloud computing, digital currency, and digital product development. The parties intend to jointly establish Hu Zhong Zhisuan Group Co., Ltd.
The contracting parties confirmed that after signing the MOU, they will proceed to execute a formal joint venture agreement based on the terms of the MOU and the actual progress of the project. The collaboration aims to leverage the respective resources, expertise, and experience of both parties to develop IT and AI services.
HAO BAI INTL primarily engages in the design, procurement, and installation of water circulation systems, including swimming pools, fountains, and water curtain walls. Over the past year, the group has actively sought investment opportunities in the construction industry to further enhance its influence and expand its market share.
The board believes that the joint venture agreement, as outlined in the MOU, provides a framework for cooperation with Mr. Hu on the joint venture project. This initiative will facilitate the group's expansion into broader construction-related business areas, contributing to business diversification. The board considers the proposed joint venture agreement part of the company's ordinary business operations, with terms negotiated on normal commercial grounds that are fair, reasonable, and aligned with the overall interests of the company and its shareholders.
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