Gelonghui, January 10 | Yihe Holdings (01662.HK) announced that Absolute Pure EnviroSci Limited, an indirect non-wholly-owned subsidiary of the company, signed a framework agreement with the Hong Kong University of Science and Technology on October 11, 2023 to establish a joint laboratory called “Hong Kong University of Science and Technology - ApenViroSci Ltd. Joint Laboratory for Environmental Science, Health and Environmental Innovation”. The framework agreement will enter into force for a period of five years from the date it is signed. The Joint Laboratory will open on January 10, 2024.
After the establishment of the joint laboratory, APEL and the Hong Kong University of Science and Technology will collaborate to explore cutting-edge research and applications in the field of health and environmental innovation, mainly covering the following research topics: (i) environmental hygiene and cleaning; (ii) air and water purification; (iii) net zero, recycling resources; and (iv) energy saving and carbon reduction processes.
According to the terms of the framework agreement, the research activities to be carried out by the Joint Laboratory include sponsored research programs, mixed funding research programs, and research-related activities and student sponsorship. APEL promised to pay a total of HK$20,000,000 to the Hong Kong University of Science and Technology in five installments as the core funding for joint laboratory operations and research activities. Ownership of all rights, ownership and interest in the results of research activities and related intellectual property rights will be determined in good faith by APEL and the Hong Kong University of Science and Technology based on their respective invention contributions, and recorded in a separate agreement between APEL and the Hong Kong University of Science and Technology.
The Board believes that the Joint Laboratory will enable the Group to explore new business areas, enhance overall R&D capabilities and influence, and enhance long-term competitiveness. Therefore, the Board of Directors believes that the framework agreement is based on general commercial terms, is fair and reasonable, and conforms to the overall interests of the company and its shareholders.