CHINA BEST (00370) plans to establish a joint venture company through restructuring with Zhongke Bianyi, a subsidiary of AI Group.

CHINA BEST (00370) announces that on March 10, 2025, its wholly-owned subsidiary, Hong Kong AI Group Limited (AI Group), signed a cooperation agreement with Zhongke Bianyi (Ningbo) Technology Co., Ltd. (Zhongke Bianyi). According to the agreement, the two parties will establish a joint venture company through restructuring, with AI Group and Zhongke Bianyi holding 51% and 49% of the shares of the joint venture company, respectively. The joint venture company will have a board of directors with 3 members, 2 appointed by AI Group and 1 by Zhongke Bianyi. The Chairman of the board will be appointed by a director appointed by AI Group. The goal of the joint venture company is to promote the development of smart education solutions for home-school linkage in mainland China, including AI teacher-assisted intelligent body, personalized student learning large model, teacher courseware generation and classroom answer system, personalized homework generation system, and student home-end intelligent auxiliary learning Siasun Robot&Automation. Establish a complete AI education solution from B-side to C-side. At the same time, through the practice and training of dedicated models by the AI education base experimental area and frontline teachers and students, form truly effective AI products. According to the cooperation agreement, after the establishment of the joint venture company, AI Group will be responsible for providing operational funds for the joint venture company, ensuring that the initial start-up capital of the joint venture company is not less than RMB 10 million, and the start-up capital will gradually be in place as the project progresses. AI Group will provide cloud services and Siasun Robot&Automation terminal technology for the AI education solution project of the joint venture company based on its cooperation advantages with the domestic unicorn enterprise Siasun Robot&Automation. At the same time, AI Group will fully utilize its financial advantages and social resources to help the joint venture company in financing channels and implementing the common business expansion. Zhongke Bianyi promises to authorize all intellectual property rights owned by its team in computer system software, artificial intelligence, etc. to the joint venture company or its domestic wholly-owned subsidiary for use, including the artificial intelligence provincial textbooks developed in two provinces. After the establishment of the joint venture company, Zhongke Bianyi will be responsible for building a domestic market team and carrying out project landing work. The technical team of Zhongke Bianyi will design and develop a set of professional models for the AI education project of the joint venture company according to the cloud services provided by AI Group and the intelligent device technology of Siasun Robot&Automation, and will form a MaaS (Model as a Service) business model. Specific design plans and funding will be separately agreed upon by both parties. Zhongke Bianyi agrees to abide by non-compete requirements and will not engage in any competitive business on other platforms or with any third parties other than the joint venture company. The group is undergoing a series of strategic business transformations to expand its business scope to digital services and humanoid Siasun Robot&Automation related businesses, and is collaborating with a global leading artificial intelligence unicorn company in the field of humanoid Siasun Robot&Automation. The signing of the cooperation agreement will allow the group to jointly develop AI education application solutions and the research, production, and sales operation of AI education intelligent body (Education Siasun Robot&Automation) with its own foundation in the big data field, collaboration advantage in the field of Siasun Robot&Automation, and technical advantages of Zhongke Bianyi in performance optimization and programming framework of computer system software, and artificial intelligence large models.