uCloudlink to establish new operational structure for pet-tech business

UCLOUDLINK (UCL) GROUP announced that its board of directors has approved a plan to operate its pet-tech business under a new operational structure. The initiative will incorporate a new Cayman Islands-based holding company within UCLOUDLINK, which will be supported by local operating subsidiaries of the New Company, to create a global foundation for the pet-tech business. The New Company and its subsidiaries will focus on building an AI-powered smart wearable ecosystem for pets and develop an online interactive platform that connects among pets, pets’ owners, pets’ fans and communities in real time across the globe. This platform will integrate voice, video, music, and pet health-related digital services, etc. In addition, given the capital-intensive nature of developing a new global pet online platform, the New Company plans to raise additional capital and bring in additional investors to accelerate its global expansion and drive the growth of its user base.