YuanGuang Technology: Wuhan YuanGuang indirectly holds over 9% equity in Hangzhou Shuzhi Meng with an investment of 20 million RMB

YuanGuang Technology (02605.HK) announced that its associated consolidated entity, Wuhan YuanGuang, has invested RMB 20 million to acquire a 66.67% equity interest in a partnership from Ningbo YunSui. Upon completion of the transfer agreement, Wuhan YuanGuang will hold a 66.67% equity interest in Hangzhou YunZhiMeng as a limited partner and will indirectly hold approximately 9.2171% of the equity in Hangzhou ShuZhiMeng through its partnership equity interest.

Wuhan YuanGuang and Hangzhou ShuZhiMeng have signed a strategic cooperation framework agreement, under which the company and Hangzhou ShuZhiMeng will engage in deep strategic cooperation in the field of public transport autonomous driving. The aim is to combine Wuhan YuanGuang's resources and technological accumulation in the public transport sector with Hangzhou ShuZhiMeng's autonomous driving technology, public transport operation scenarios, data insights, and market resources to jointly explore the creation of solutions for "autonomous driving + smart mobility" and to jointly develop the domestic public transport autonomous driving market to enhance both parties' brand value and market share