Kuaiyi Intelligence (08040) announced that Yachtism (Far East) Co., Ltd. (Yachtism), a wholly-owned subsidiary of the company (Yachtism...
According to the Zhitong Finance App, Kuaiyi Intelligence (08040) announced that Yachtism (Far East) Limited (Yachtism), a wholly-owned subsidiary of the company, was invited by the City University of Hong Kong to become an industry sponsor of the university's Industry-University-Research 1+ (Raise+) program applying for the Innovation and Technology Fund (ITF) (fund) to sponsor the university's research and development project for a new photocatalytic material. The program provides funding to eight designated UGC-funded universities, including the university, to help their promising future research teams transform, realize and commercialize R&D results and become successful startups to complete their projects.
On November 23, 2023, Yachinism signed a letter of intent to the university as a sponsor. If the project application is successfully approved, Yachinism will pay a maximum sponsorship amount of HK$333.34 million to the university to carry out the project and participate in the project's research and development work. At the same time, the fund will fund a maximum amount of HK$72.66 million for the university to carry out this project. This letter of intent will not create a legal or binding obligation on the Group. The final amount of sponsorship will be paid on a pro rata basis, depending on the final amount of funding approved for the project. The Group will further discuss the details of the sponsorship and possible participation in the project with the university, and sign a formal and binding agreement with the university after the project is successfully approved.
The Group has always been committed to promoting various nano-photocatalytic anti-fouling environmentally friendly materials. The project will give the Group an opportunity to become one of the patent holders of new materials, thereby enhancing the Group's nano-photocatalytic anti-fouling and environmentally friendly materials business, bringing synergy to the Group's business, and thus enhancing the overall performance of the Group's business.