HK Stock Market Move | CHINA BEST (00370) surged over 35%, intending to establish a joint venture with Datan to cooperate on Siasun Robot & Automation's brain-related products.

CHINA BEST (00370) surged over 35%, up 35.42% at the time of writing, trading at HK $0.65 with a transaction volume of HK $2.4641 million. On the news front, CHINA BEST announced that the company has signed a cooperation framework agreement with the artificial intelligence unicorn company, Da Tu. The plan is to establish a joint venture company in Hong Kong and cooperate in the field of Siasun Robot & Automation's related technologies and products. CHINA BEST and Da Tu will respectively hold 51% and 49% equity in the joint venture company. The announcement stated that, if the cooperation under the framework agreement is implemented, it will bring satisfactory returns to the group in the long run, and further strengthen its revenue and profit base. In addition, the board of directors believes that entering into the framework agreement will help fully utilize the advantages of both parties in different fields to jointly expand the business related to Siasun Robot & Automation. The joint venture company is planned to be established in Hong Kong, which will better coordinate with the leading direction and industrial policies of mainland China and Hong Kong in the field of ShenZhen New Industries Biomedical Engineering. Hong Kong's unique advantages will also provide a good opportunity for implementing business development.