On December 20, Glonghui (08040.HK) announced that Yachtism (Far East) Limited (“Yachtism”), a wholly-owned subsidiary of the company, and the City University of Hong Kong (the “University”) have jointly applied for funding from the Innovation and Technology Fund (“Fund”) of the Innovation and Technology Commission under the Innovation, Technology and Industry Bureau of the Hong Kong Special Administrative Region Government of China to carry out a research and development project to improve energy efficiency, thermal comfort and indoor air quality in combination with water-based air purification WAP/HVAC.
The university can receive funding of up to HK$9 million to carry out the project. Among them, Yachtism will invest a maximum amount of HK$1.308 million to carry out the project. If the project successfully develops new technology, yachtivism may become the sole patent holder for the new technology. The project is expected to commence no later than May 16, 2024. Yachinism will work with the university and the fund to further negotiate implementation and sign a formal and binding agreement.