QINGDAO, China, March 29, 2021 — SOS Limited (the “Company” or “SOS”) announced today that its wholly-owned subsidiary SOS Information Technology Co., Ltd. has entered into a joint venture agreement with Qingdao Ronghe Finance Holding Group Co., Ltd. (“Ronghe Finance”) to form a new joint venture, SOS Ronghe Digital Technology Co., Ltd. (“SOS Ronghe”). SOS Ronghe Digital Technology Co., Ltd received its business license on March 27, 2021
Ronghe Finance is an affiliate of Qingdao West Coast New Area Ronghe Holding Group Co., Ltd, a large state-owned enterprise in Qingdao Shandong Province, China. Pursuant to the joint venture agreement, both parties are to contribute their resources to establish a supercomputing center in Qingdao. The registered capital of the joint venture will be approximately $9,174,000, of which the Company will contribute 51% and Ronghe will contribute 49%. SOS has the right to appoint two of the three directors, the CEO and the CFO of the joint venture.
The mission of the joint venture is to establish the first large-scale Supercomputing Center in Qingdao and become a leading data and supercomputing and R&D base in China. SOS-Ronghe is expected be primarily focused on the following fields: cloud computing, high performance computing, big data, blockchain-based asset and cryptocurrency activities.
Yandai Wang, CEO of SOS Limited commented, “we believe our joint venture with Ronghe is a key infrastructure investment focused on blockchain and big data, which will be a growth engine for both SOS and Ronghe.”
About Ronghe Holding
Qingdao West Coast New Area Ronghe Holding Group Co., Ltd. is a state-owned holding company in Qingdao West Coast New Area, with an AAA corporate credit rating according to China Lianhe Credit Rating Co. Ltd. It plays a key role in the industrial investment, capital operation and equity management in promoting urban development, civil-military integration, science and technology development, venture capital, medical and health care, major transportation facilities, comprehensive land development, island protection and utilization, and functional zone construction and park operations in the Qingdao West Coast New Area. For more information, please visit: http://rongkong.net.cn/
About SOS Limited
SOS, is an emerging blockchain-based and big data-driven marketing and solution provider, with a nationwide membership base of approximately 20 million in China. Recently, SOS started to get ready to roll out its cryptocurrency mining business and plans to develop insurance and security management solutions for digital assets and cryptocurrencies. The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big date, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS transforms digital technology into data-driven operations through the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence. For more information, please visit: http://www.sosyun.com/
Source: SOS Limited
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