Megvii Technology: Plans to invest 300 million yuan in AI research and development and advanced manufacturing industry projects.

Mega Intelligence announced that on April 15th, the company signed a cooperation agreement with the Management Committee of the Nanjing North High-tech Industrial Development Zone in Jiangsu Province. They plan to invest 300 million yuan in the Mega Intelligence AI research and development and advanced manufacturing industry project, and will purchase approximately 46 acres of industrial land to establish a research and development, pilot production, and manufacturing base. The company plans to relocate to Shanghai Meixiao Intelligence as the main investor, investing 200 million yuan. After the project reaches full production, it is expected to generate revenue and taxes, but the performance does not constitute a substantial commitment. The project still needs approval, and there is uncertainty in implementation.