On June 5th, 2024, Longhui Intl (01007.HK) released an announcement that the company had signed a non-binding memorandum of understanding with Greifenberg Digital Limited (a potential partner), regarding the potential collaboration to develop an Artificial Intelligence (AI) credit risk management system specifically for the dining industry, including functions such as data collection, credit risk analysis, credit rating, overdue payment warning, fraud and risk detection warning (the “proposed collaboration”).

The company and the potential partner are currently exploring possible ways of collaboration. The company and the potential partner aim to integrate AI technology and the Group's hot pot restaurant business in China for data analysis collaboration. In accordance with the proposed collaboration, the company should jointly formulate, implement, monitor and evaluate annual work plans with the potential partner to identify specific objectives and activities of mutual interest in China (especially in Hong Kong, China) and share its professional knowledge in the dining industry with the potential partner to develop the system. The potential partner's development of the system should meet the requirements and implementation of the work plan.