Gelonghui April 12 | Pan Asia Environmental Protection (00556.HK) announced that the company began entering the artificial intelligence (“AI”) industry. To further enrich its business portfolio and utilize cutting-edge technology, the company and two joint venture partners set up a subsidiary in the United States of America to develop the Web3.0 business and AI business, thereby expanding the global business. This marks the beginning of the Group's strategic entry into the advanced technology industry.
Regarding the Web 3.0 business, the Group will initially focus on decentralized disaster recovery storage solutions. To support the operation of the business on the Web 3.0 infrastructure, the Group plans to purchase digital assets worth approximately $20 million. Regarding the AI business, the Group plans to work with joint venture partners to provide technical services and solutions for AI computing.
Guo Jiannan has resigned as CEO of the company due to his intention to focus on the duties and responsibilities of the chairman of the board of directors and the company's executive director. Guo will continue to serve as Chairman and Executive Director. The Board is pleased to announce that the joint venture partner, Zhu Duke Li, will join the company as Executive Director and Chief Executive Officer.