Datasea’s Shuhai Information enters agreement with Haoteng Chuangxiang

Datasea announced that on May 11, 2024, its Chinese operating entity, Shuhai Information Technology has entered into a Cooperation Agreement with Beijing Haoteng Chuangxiang Technology to enhance the Company’s 5G AI multimodal business in the China. According to the Agreement, beginning on May 11, 2024 and continuing over a period of 12 months, Shuhai Information will provide an array of enhanced 5G information services to Haoteng Chuangxiang based on its service needs. Shuhai Information entity will utilize the transmission and AI capabilities of its 5G AI multimodal platform to provide specialized interfaces which enable a more efficient delivery of targeted advertising and market promotion information to mobile phone user customers of Haoteng Chuangxiang. Shuhai Information will settle with Haoteng Chuangxiang and recognize revenue based on the actual information service provided. In the first ten days of the Agreement, Shuhai Information has already provided approximately $2.8 million worth of 5G information services to end-users based on Haoteng Chuangxiang’s market demand, which is an early indication of the Agreement’s potentially powerfully implications. The Company estimates that it can generate approximately $86.0 million revenue forecast for its 2024 fiscal year.