HONY MEDIA (00419) has announced the formation of a joint venture with AIROBO PTE. LTD ("AIROBO") in Hong Kong, named AIROBO (HK) LIMITED ("Joint Venture"), to engage in robot platform operations. HONY MEDIA holds a 70% stake in the Joint Venture, while AIROBO retains the remaining 30%.

The Joint Venture has established a wholly-owned subsidiary in the China (Sichuan) Pilot Free Trade Zone, AIROBO (Chengdu) Technology Co., Ltd ("AIROBO (Chengdu)"). AIROBO (Chengdu) serves as the primary operating entity within the Chinese mainland for the group, overseeing business expansion, technology research and development, and customer service for the robot platform in that market. Both the Joint Venture and AIROBO (Chengdu) have become subsidiaries of the group, with their financial results consolidated into the group's financial statements.

To the best of the directors' knowledge, after making all reasonable inquiries, AIROBO and its ultimate beneficial owner are independent third parties, unrelated to the company or its connected persons at the time of the Joint Venture's formation.

The group has accumulated relevant capabilities in artificial intelligence algorithms, data platform operations, and intelligent system development within the medical industry's digital operations sector. The robot platform operations business represents an extension of these AI and digital operations capabilities into physical space scenarios, aligning with the group's existing technical foundation. As artificial intelligence, the Internet of Things, and automation technologies advance, the robot industry is transitioning from hardware manufacturing to platform-based operations.

The establishment of the Joint Venture and its mainland operating entity reflects the group's strategic expansion of its AI and digital operations capabilities into new application scenarios, while continuing its existing business operations. AIROBO brings experience in robot platform operations and technology research and development, while the group contributes enterprise management, market resources, and digital operations expertise. The board believes the collaboration will facilitate the Joint Venture's business development and serve the overall interests of the company and its shareholders.