{Economic Daily News, special report on the 2nd} Fan Shi Intelligence (06682) is currently down 4.9%, trading at HK$25.46, with approximately 170,000 shares traded, involving HK$4.35 million. For One Entertainment (01003) also plunged 5.7%, to HK$0.25.
Fan Shi Intelligence has terminated its plan to invest in For One Entertainment. For One Entertainment announced in a statement that since certain conditions precedent to the subscription could not be fulfilled or waived, and the parties failed to agree on a further extension of the final deadline, the subscription agreement has been terminated. However, strategic cooperation and joint venture framework agreements as well as the large model API service framework agreement with the subscriber are still under discussion. The company stated that the termination of the subscription of new shares under the general mandate will not have any significant adverse impact on its existing business, operations, or financial condition.
Previously, Fan Shi Intelligence (06682) announced it had entered into a strategic cooperation and joint venture framework agreement with For One Entertainment. The two parties intended to combine their strengths in artificial intelligence and the film and television industry to collaborate in areas such as film and television creation, interactive entertainment, game development, and intellectual property derivatives, and planned to establish a joint venture as a cooperation platform. At the same time, Fan Shi Intelligence planned to subscribe to approximately 731 million new shares of For One Entertainment, involving about 201 million yuan, which would give it 14.3% of the enlarged share capital of For One Entertainment, making it the single largest shareholder. At the time, Fan Shi Intelligence stated that the cooperation would focus on the field of "artificial intelligence + cultural and creative content," promoting in-depth collaboration in data co-construction, model development, content co-creation, and technical services, which is expected to help increase the group's overall revenue. (am)
Fan Shi Intelligence has terminated its plan to invest in For One Entertainment. For One Entertainment announced in a statement that since certain conditions precedent to the subscription could not be fulfilled or waived, and the parties failed to agree on a further extension of the final deadline, the subscription agreement has been terminated. However, strategic cooperation and joint venture framework agreements as well as the large model API service framework agreement with the subscriber are still under discussion. The company stated that the termination of the subscription of new shares under the general mandate will not have any significant adverse impact on its existing business, operations, or financial condition.
Previously, Fan Shi Intelligence (06682) announced it had entered into a strategic cooperation and joint venture framework agreement with For One Entertainment. The two parties intended to combine their strengths in artificial intelligence and the film and television industry to collaborate in areas such as film and television creation, interactive entertainment, game development, and intellectual property derivatives, and planned to establish a joint venture as a cooperation platform. At the same time, Fan Shi Intelligence planned to subscribe to approximately 731 million new shares of For One Entertainment, involving about 201 million yuan, which would give it 14.3% of the enlarged share capital of For One Entertainment, making it the single largest shareholder. At the time, Fan Shi Intelligence stated that the cooperation would focus on the field of "artificial intelligence + cultural and creative content," promoting in-depth collaboration in data co-construction, model development, content co-creation, and technical services, which is expected to help increase the group's overall revenue. (am)
