Business
Datasea Establishes Joint Venture Company to Further Penetrate the Estimated Approximately 527.8 billion US Dollars 5G Market in China
New Entity to be Focused on Increasing Scale of Datasea's 5G Services Utilizing Artificial Intelligence, which is Expected to Drive Significant Revenue in
About this update from Datasea Intelligent Technology Ltd.
[{"type":"text","content":"New Entity to be Focused on Increasing Scale of Datasea's 5G Services Utilizing Artificial Intelligence, which is Expected to Drive Significant Revenue in 2024 \nBEIJING, Feb. 20, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS) (\"Datasea\" or the \"Company\"), a Nevada incorporated digital technology corporation engaged in innovative business segments for intelligent acoustics and 5G multimodal communication technology in China, announced today that, on December 22, 2023, Guozhong Times (Beijing) Technology Ltd. (\"Guozhong Times\"), a subsidiary of the Chinese operating company contractually controlled by the Company, established a joint venture company in China with new partner Shenzhen Yiyun Technology Co., Ltd. (\"Yiyun Technology\"). The joint venture company, Datasea Yiyun (Shenzhen) Digital Technology Co., Ltd. (\"DataSea Digital\"), has been formed in an attempt to further penetrate the 5G multimodal communications sector by leveraging Artificial Intelligence (\"AI\") and combining Datasea's technology and service capabilities with Yiyun Technology's digital technology marketing, promotion and 5G operations capabilities. Datasea holds 66% total of the equity of DataSea Digital and Yiyun Technology holds a 34% ownership position.\n\n \n \n \n \n \n \n\n \nDatasea's CEO Zhixin Liu commented, \"We are pleased to have established this joint venture company with Shenzhen Yiyun Technology Co., Ltd., as it will combine the operating resources of our two companies in the field of 5G multimodal communication to enhance our core competitive advantages in the market and effectively provide 5G multimodal communication services to both enterprises and individual customers. We believe that the new joint venture will bring more efficient and intelligent AI based 5G multimodal communications solutions to customers across a wide spectrum of applications. The joint venture is a vital part of our strategic growth plan that we believe will create new sources of revenue while further diversifying our customer base.\"\nDataSea Digital, the new joint venture company, will serve as the core business carrier of Datasea's AI based 5G multimodal communication services. Datasea's 5G multimodal communication represent a technological breakthrough based on the Company's original 5G messaging service. Leveraging the world's largest 5G network, compu...