Core Viewpoint - The announcement by Xingkong Huawen (06698) regarding the establishment of a joint venture for AI music business in China signifies a strategic move to leverage complementary strengths in content and technology, aiming for a competitive edge in the AI music industry [1] Investment Details - Shanghai Jiuwu Yisheng will invest a total of RMB 115 million, with RMB 320,000 allocated as registered capital and RMB 114.68 million for capital reserves [1] - The joint venture partner, Beijing Wujie Yinchang Cultural Media Co., Ltd., will invest a total of RMB 244 million, with RMB 680,000 as registered capital and RMB 243.7 million for capital reserves [1] Ownership Structure - Upon establishment, the joint venture will have Shanghai Jiuwu Yisheng and the joint venture partner holding 32% and 68% equity, respectively, making it a non-wholly owned subsidiary of the joint venture partner [1] Strategic Implications - The collaboration is based on complementary advantages, aiming to achieve data-driven large-scale personalized AI music creation, marking a significant step in the strategic competition within the AI music industry [1]
星空华文(06698)拟成立合营公司 开展及运营AI音乐业务