NetDragon, a company listed in Hong Kong, has revealed its plans to form a joint venture with Jiuzhou, a prominent player in the domestic short-form drama sector. As part of this initiative, Jiuzhou will first embark on a restructuring process, establishing a wholly-owned subsidiary and transferring relevant target intellectual properties (IPs) and assets into it. Once this transaction is finalized, NetDragon's subsidiary, NetDragon BVI, will inject HKD cash equivalent to RMB 50 million to secure a 51% stake in the joint venture, leaving Jiuzhou with a 49% share. Moreover, NetDragon will grant Jiuzhou or its designated entity 25 million unlisted warrants, to be distributed in three installments as performance incentives. Each batch will have distinct exercise prices and independent exercise periods. The newly formed joint venture will concentrate on the advancement of AI foundational software, large-scale models, and technology platforms. It will also manage content creation platforms and offer model APIs, FDE, translation services, as well as digital technical services like software development, data labeling, and data cleaning.