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Joyoung Clarifies: No Strategic Partnership with Huawei, Only Co-Investment in AI Firm
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Joyoung Co., Ltd. issued a stock trading anomaly announcement clarifying its relationship with Huawei. The company stated it holds a 7.92% stake in Deep Thinking AI Robot Technology (Beijing) Co., Ltd., which focuses on brain-like artificial intelligence and multimodal semantic understanding technology. Joyoung explicitly denied market rumors of a strategic cooperation with Huawei, noting their only connection is a shared investment in Deep Thinking AI, where Huawei's investment entity also holds a stake. Additionally, Joyoung disclosed a financial investment in robotics through its wholly-owned subsidiary, Hangzhou Joyoung Small Appliances Co., Ltd., which holds a stake in Xiangke Intelligent Technology (Beijing) Co., Ltd. The company emphasized that this robotics business is in an early stage and has no material impact on current revenue or profit. The announcement aims to address abnormal stock volatility and clarify unsubstantiated market speculation.
Source report
Joyoung Co., Ltd. has issued a statement regarding unusual fluctuations in its stock price. The company currently holds a 7.92% equity stake in Deep Thinking Artificial Intelligence Robot Technology (Beijing) Co., Ltd. ("Deep Thinking"), a company specializing in brain-inspired artificial intelligence and multimodal semantic understanding technologies.
As of the date of this announcement, Joyoung clarified that there is no strategic cooperation relationship with Huawei, contrary to market rumors. The connection between Joyoung and Huawei is limited to both parties holding equity in Deep Thinking, with Huawei's investment entity holding a partial stake in the company. Apart from this, Joyoung stated that it has no undisclosed material cooperation matters related to Huawei.
Additionally, Joyoung disclosed that it holds a stake in Xiangke Intelligent Technology (Beijing) Co., Ltd. through its wholly-owned subsidiary (Hangzhou Joyoung Small Appliance Co., Ltd.). This represents a financial investment in the robotics-related field. The relevant business is still in its early stages and has no material impact on the company's current operating revenue or profit.
Source
domesticNeutral / independent