Datasea Establishes Joint Venture Company to Further Penetrate the Estimated Approximately 527.8 billion US Dollars 5G Market in China
BEIJING, 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.
- 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.
- DataSea Digital, the new joint venture company, will serve as the core business carrier of Datasea's AI based 5G multimodal communication services.
- According to TDIA estimates, the scale of China's 5G communication market was approximately 262.5 billion US dollars (1.89 trillion RMB) in 2022.
- It is projected that by 2025, the scale of China's 5G communication market will reach approximately 527.8 billion US dollars (3.8 trillion RMB).