BINGO GROUP (08220) affiliated with Yi Hai Chang Feng Technology signed a memorandum of understanding to establish a joint venture to expand AIGC business.

BINGO GROUP (08220) announced that on February 20, 2025 (after trading hours), its indirect wholly-owned subsidiary, Thai Art Co., Ltd., has entered into a memorandum of understanding with Shenzhen Yihai Changfeng Technology Co., Ltd. According to the memorandum of understanding, Thai Art intends to collaborate with Yihai Changfeng to engage in the Artificial Intelligence Generated Content (AIGC) business through a joint venture entity to be established in China. Thai Art and Yihai Changfeng are proposed to own 51% and 49% equity in the joint venture, respectively. The parties have not yet reached an agreement on the investment or capital amount and will continue to negotiate further until a formal agreement is reached.