Easou Technology (HKG:2550) said it has set up a joint venture with Huawei Cloud solution provider Acceleronet HPC to build a Web3 platform focused on tokenizing intangible cultural intellectual property, according to a Wednesday Hong Kong bourse filing.

Shares of the company slipped about 5% in Thursday morning trade.

The new entity, Novus Infusion Partners, is incorporated in Hong Kong and is 60% owned by Easou and 40% by Acceleronet HPC.

The two parties are subscribing HK$3 million and HK$2 million, respectively, making Novus Infusion a direct non-wholly owned subsidiary of Easou.

Its core business will be the issuance of real-world assets (RWA), starting with a blockchain-based platform to manage cultural IP assets and digital projects across borders.