CHINA BEST(00370) Subsidiary AI Group signed a cooperation agreement with Datan to expand the business related to human-like Siasun Robot&Automation.

CHINA BEST(00370) announced that on March 5, 2025, its wholly-owned subsidiary AI Group signed a cooperation agreement with Dazu, which involves establishing a joint venture company in Hong Kong (namely Siasun Robot&Automation in Aberdeen, Hong Kong) through restructuring, to operate business related to humanoid Siasun Robot&Automation intelligent technology and products in Hong Kong and overseas. After the restructuring, Siasun Robot&Automation in Aberdeen, Hong Kong will focus on exploring and developing the civil product market of humanoid Siasun Robot&Automation. According to the cooperation agreement, AI Group will arrange for restructuring Siasun Robot&Automation in Aberdeen, Hong Kong as a joint venture company. Both AI Group and Dazu should nominate their subsidiaries to hold shares of Siasun Robot&Automation in Aberdeen, Hong Kong. Therefore, after the restructuring is completed, Siasun Robot&Automation in Aberdeen, Hong Kong will be indirectly held by AI Group with 51% and the remaining 49% will be indirectly held by Dazu, and it will be accounted for as a non-wholly-owned subsidiary of the company. Siasun Robot&Automation in Aberdeen, Hong Kong will establish a research institution in the Hong Kong Science Park, named Aberdeen Siasun Robot&Automation Research Institute, responsible for researching the application of humanoid Siasun Robot&Automation in different fields, big data model training, AI intelligent body design, and promoting the business of Siasun Robot&Automation in Aberdeen, Hong Kong to external parties. Siasun Robot&Automation in Aberdeen, Hong Kong will also establish and operate a production line for humanoid Siasun Robot&Automation in Hong Kong. The funding for this production line will be borne by Siasun Robot&Automation in Aberdeen, Hong Kong itself, with full support provided by Dazu at the technical level. The specific terms of this production line will be separately agreed upon by AI Group and Dazu. AI Group must, within two years after the cooperation agreement date, facilitate the company in assisting Siasun Robot&Automation in Aberdeen, Hong Kong to raise $100 million and $200 million in funds in 2025 and 2026 respectively, for the research and development of products. The specific timeline for raising funds must be coordinated with Dazu completing the transfer of all intellectual property rights related to the Siasun Robot&Automation business in the Greater China region (including mainland China, Hong Kong and Macau) covered under the cooperation agreement to a limited company to be established in China as a wholly-owned subsidiary of Siasun Robot&Automation in Aberdeen, Hong Kong (Siasun Robot&Automation China Company) for the operational goals and business development.