On June 6th, Guolonghui announced that WAC Holdings (08619.HK) had signed a non-legally binding memorandum of understanding with KOC Japan Inc. ("KOC" or "potential partner") on June 6, 2024.

According to the memorandum of understanding, the company intends to acquire the rights to use and operate mobile applications and/or the C-Pon platform owned by KOC in Hong Kong, South Korea, and Southeast Asia. The terms and conditions for using the mobile application will be further negotiated and agreed upon by the contracting parties.

The board of directors believes that once the cooperation with KOC is completed, the group will be able to expand and diversify its business into the dining and technology news field, thereby enhancing the overall profitability of the group. Therefore, the signing of the memorandum of understanding is in the overall interest of the company and its shareholders.