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Datasea Moves up on Buying into Chinese Firm

Datasea Inc., (NASDAQ: DTSS) announced that Heilongjiang Xunrui Technology Co., Ltd., a subsidiary of the Chinese operating company contractually controlled by the Company, has executed a purchase agreement with Jiangsu Xinrong Network Technology Research Institute Co., Ltd., a company providing software development, artificial intelligence, and big data solutions.

In conjunction with the agreement, Xinrong will establish and operate information systems for 100 residential communities and has agreed to purchase 5G messaging smart city solutions directly from Xunrui at a budget of RMB 500,000 (approximately $78,800 U.S.) per residential community. Xinrong estimates that the total value of this engagement would be RMB 50 million (approximately USD $7.88 million U.S.) over the course of the two-year agreement.

The 5G messaging smart city solutions will not only offer visibility but also help the property management teams identify behavioral pattern, generate objective, real-time qualitative measurement, and analysis, and eventually prevent safety risks and support proactively safety management.

Said CEO Zhixin Liu, "We formed a strategic alliance with Xinrong last year and are very pleased to take this relationship to fruition, which we believe to be in the best interest of both companies. Datasea is highly committed to fundamentally reshaping the products and solutions of our partners and customers while driving growth. Moreover, this agreement also demonstrates great synergies among our different business lines, for example, how 5G messaging and smart city solutions can be integrated to reinforce each other.”

DTSS shares increased in price six cents, or 2.1%, to $2.88.