Datasea reports 5G AI multimodal agreements generate $9M of 5G-AI services

Datasea announced that, on August 12, 2024, its Chinese subsidiaries, Shuhai Information Technology and Guozhong Times Technology, each entered into an agreement with Qingdao Ruizhi Yixing Information Technology to supply Qingdao Ruizhi Yixing a range of advanced 5G-AI multimodal services. As of September 12, 2024, Datasea’s Shuhai Information and Guozhong Times had already provided services worth an aggregate of an estimated RMB 65.4M, approximately $9M, to Qingdao Ruizhi Yixing, reflecting the growing demand for 5G value-added services. The terms of the Agreements stipulate that Shuhai Information and Guozhong Times will provide a range of 5G-AI multimodal digital services including enhanced products including specialized marketing tools tailored to meet the specific needs of Qingdao Ruizhi Yixing’s business customers. According to the Agreements, beginning on August 9, 2024 and continuing over a period of 12 months, Shuhai Information and Guozhong Times will provide an array of enhanced 5G multimodal digital services to Qingdao Ruizhi Yixing with an estimated total value of an aggregate of $30M based on its product and service needs. The Company expects the Agreements will have a substantially positive revenue impact on its financial performance in fiscal 2025 and will further enhance Datasea’s positioning in China’s 5G Application landscape.