Feiteng Cloud Motion (06610) announced that its wholly-owned subsidiary, Beijing Feiteng Cloud Motion Technology Co., Ltd., intends to enter into a partnership agreement with Niou Capital (Beijing) Co., Ltd., Hainan Lingshui Industrial Development Equity Investment Fund Partnership Enterprise (Limited Partnership), Beijing Quanshi World Online Network Information Co., Ltd., to jointly invest in the establishment of Lingshui Zhi Xuan Navigation Investment Partnership Enterprise (Limited Partnership). According to the partnership agreement, the total capital contribution of the partnership enterprise is RMB 0.101 billion yuan, of which Beijing Feiteng Cloud Motion has agreed to invest RMB 10 million yuan as a limited partner.
Zhi Xuan Navigation Fund is a venture capital fund established jointly by Lingshui Mother Fund and related social capital based on the "Management Measures for High-quality Development Fund in Lingshui Li Autonomous County." The Zhi Xuan Navigation Fund mainly focuses on early-stage enterprises and invests in digital economy and technology companies in fields such as metaverse, going global, artificial intelligence (AI) and big data.
The board of directors believes that the investment under the partnership enterprise and the partnership agreement with all partners will provide more capital assistance and synergistic effects to build the metaverse ecosystem, layout the frontiers of next-generation AI technology, implement the established strategic goals of business going global, and form new productive forces with the characteristics of digital content. Therefore, the board of directors believes that the proposed transaction under this partnership agreement can enhance the company's overall competitive advantage.