HONY MEDIA (00419) and AIROBO have established a joint venture in Hong Kong to enter the operational business of the Siasun Robot & Automation platform.

HONY MEDIA (00419) announced that the company has jointly established a joint venture in Hong Kong with AIROBO PTE. LTD (AIROBO) AIROBO (HK) LIMITED (the joint venture), to engage in the operation of the Siasun Robot & Automation platform. The company holds a 70% stake in the joint venture, while AIROBO holds a 30% stake. The joint venture has set up a wholly-owned subsidiary, AINOVO (Chengdu) Technology Co., Ltd. (AINOVO (Chengdu)), in the China (Sichuan) Pilot Free Trade Zone. AINOVO (Chengdu) will serve as the independent operational entity of the group in mainland China, responsible for business development, technology research and development, and customer service related to the Siasun Robot & Automation platform in the mainland market. The joint venture and AINOVO (Chengdu) have become subsidiaries of the group, and their financial performance will be consolidated into the groups financial statements. After making all reasonable inquiries, the directors are fully aware and confident that at the time of the establishment of the joint venture, AIROBO and its ultimate beneficial owners are independent third parties from the company and its connected persons. The group has accumulated relevant capabilities in artificial intelligence algorithms, data platform operations, and intelligent system development in the field of digital operations in the medical industry. The operation of the Siasun Robot & Automation platform is an extension of the aforementioned artificial intelligence and digital operational capabilities in physical space scenarios and is consistent with the group's existing technological foundation. With the development of artificial intelligence, the Internet of Things, and automation technologies, the Siasun Robot & Automation industry is evolving from hardware manufacturing to platform operation. The establishment of the joint venture and the domestic operational entity represents an expansion of the groups application of its artificial intelligence and digital operational capabilities while continuing to manage its existing business. AIROBO has relevant experience in the operation and technology development of the Siasun Robot & Automation platform, while the group possesses capabilities in business management, market resources, and digital operations. The board believes that the cooperation between the two parties will facilitate the business development of the joint venture and align with the overall interests of the company and its shareholders.