ABNB
ABNB

Meten Holding Group Ltd. (METX) stock surged 3.29% in the after-market trading session at the price of $0.27 after it signed an agreement with industry experts to establish a joint venture.

METX is the leading provider of omnichannel English language training services in China. It offers English language and skills training for both students and professionals.  

METX Established Joint Venture with Industry Experts

On 22nd December 2021, METX reported entering an agreement with industry experts to establish a joint venture. The collaborative agreement will support the production, sales, and R&D of the cryptocurrency mining industry. The industry specialists have diversified backgrounds, comprehensive experience, and proven track records in the blockchain and cryptocurrency market.  

Under the agreement, all groups agreed to create an R&D team and establish an applicable R&D mechanism. The intellectual property rights from the joint venture’s R&D activities will belong to the joint venture. METX will invest $3 million in the joint venture and acquire a 21% equity stake in return. The company has all the rights to nominate the chairman for the joint venture’s board and will direct the joint venture’s financial management. 

Management Comments

Chief executive officer of METX, Alan Peng, remarked that they are pleased with this joint venture. It fits the strategic approach for their new cryptocurrency and blockchain business line. The industry experience brought by Ms. Yunning Li, Mr. Manning Liao, and Mr. Zhijun Liu will be valuable for their new business. This joint venture will enable METX to complete R&D, production, and sales of mining equipment. It will also develop its foundation in the blockchain and mining industry, he added.   

METX plans to make substantial investments in technology, R&D, and equipment via this joint venture. Meanwhile, it is actively designing and expanding its new line of business in the educational field. They hope that their mining machine and cryptocurrency business will start producing high revenue by the first quarter of 2022. This joint venture will facilitate the company’s planned growth in metaverse, cryptocurrency, and blockchain, Mr. Alan concluded.  

LEAVE A REPLY

Please enter your comment!
Please enter your name here