Voluntary Announcement Relating To A Jv With Shenzhen Rongmei Science And Technology Co Limited
The Group aims to expand its business operations, opportunities and customer footprint in the underserved Asia Pacific areas with a specific focus on the Chinese market.
Of importance to the Group is that in December 2017, the Chinese Ministry of Industry and Information Technology published an action plan for the Artificial Intelligence (“AI”) Industry from 2018 to 2020 as a complement to the “Made in China 2025” strategy.
The 4Sight board subscribes to the use and deployment of local teams in the different regions and have recently closed various contracts in the telecommunications and mining industries in the Asia region, but decided to investigate a formal joint venture (“JV”) model in the Chinese market.
The directors have been in discussions since early 2017, and signed the Memorandum of Understanding in Beijing, China on 29 March 2018 to enter and expand the 4Sight business in China through a JV.