Gelonghui, January 31 | B & D STRATEGIC (01780.HK) announced that its wholly-owned subsidiary signed a letter of intent for strategic cooperation with Hainan Yimeng Network Technology Co., Ltd. (“Hainan Yimeng”).
Hainan Yimeng is a limited company legally established in mainland China. It uses the new concept of “Internet +” to create an online platform. Currently, Hainan Yimeng is working on smart parking projects and smart communication projects. The smart parking project plans to purchase and install smart parking smart column equipment in different cities across the country, and the smart communication project plans to purchase self-developed mobile terminal equipment and provide technical and value-added services. After preliminary negotiations between the two parties, the joint venture that the two parties intend to establish will be 51% owned by the company's wholly-owned subsidiary, while Hainan Yimeng will hold 49% of the shares. The letter of intent takes effect after the two parties formally sign it, and is valid for 180 days from the signing of the Memorandum of Intent.
The company believes that the proposed strategic cooperation in this letter of intent is in line with the Group's long-term development goals and diversifies the Group's business, and that this move is in line with the overall interests of the company and shareholders. The specific terms and conditions of the formal agreement can only be implemented after the company has completed due diligence (including but not limited to the normative nature of the contract, data and information integrity), further discussions between the parties on the details and related terms, and approval by the board of directors. If progress is made, the company will make further announcements in due course in accordance with the Hong Kong Stock Exchange Limited securities listing rules