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SOS Partners With Ronghe's Affiliate To Establish A Supercomputing Center In Qingdao

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  • Blockchain-based and big data-driven marketing and solution provider SOS Ltd’s (NYSE: SOS) subsidiary SOS Information Technology Co, Ltd inked an agreement with Qingdao Ronghe Finance Holding Group to form a joint venture (JV), SOS Ronghe Digital Technology Co Ltd.
  • SOS Ronghe received its business license on March 27, 2021.
  • Ronghe Finance is a Qingdao West Coast New Area Ronghe affiliate, a state-owned enterprise in Qingdao Shandong Province, China.
  • Both parties will contribute their resources to establish a supercomputing center in Qingdao.
  • The JV registered capital will be worth $9.17 million. SOS Ltd and Ronghe’s capital contribution will be in the ratio of 51:49.
  • SOS has the right to appoint two of the three directors, the CEO and the CFO of the JV.
  • The JV mission is to establish the first large-scale Supercomputing Center in Qingdao and become a principal data and supercomputing and R&D base in China.
  • SOS-Ronghe is expected primarily to focus on cloud computing, high-performance computing, big data, blockchain-based assets, and cryptocurrency activities.
  • See SOS’s Unusual Options Activity On Monday
  • Price action: SOS shares traded lower by 7.69% at $5.64 on the last check Monday.
 

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