On December 16, Gelonghui reported that Cathay Biotech Inc. (688065.SH) announced a tripartite strategic cooperation agreement signed in May 2024 with the Hefei City Government and China Merchants Innovation Technology (Group) Co., Ltd. (referred to as "CMIT"). Each party will fully leverage its strengths in industry policy guidance, application scenario development, and innovations in biotechnology to create a synthetic biomaterials industry cluster. According to the arrangements made in the strategic agreement for cooperation, in order to better promote the industrialization of a series of bio-based polyamide composite materials, the three parties will jointly establish relevant entities to engage in the research and development, production, and sales of bio-based polyamide composite materials. The company plans to jointly invest with CMIT's wholly-owned subsidiary, CMIT Biotech, and Shanghai Yaoguan to establish Yaoyao Biotechnology (Shanghai) Partnership (Limited Partnership) (subject to the final approval by the enterprise registration authority). Among them, the company will invest 25.5 million yuan as a limited partner, accounting for 50.90%, CMIT Biotech will invest 24.5 million yuan as a limited partner, accounting for 48.90%, and Shanghai Yaoguan will invest 0.1 million yuan as a general partner, accounting for 0.20%. All investors will contribute in MMF and fulfill their investment obligations according to their respective investment ratios. Once Shanghai Yaoyao is established, it intends to invest in relevant entities engaged in bio-based polyamide composite materials business.