On December 30, 2023, PAN ASIA ENVIRO (00556.HK) announced that on December 30, 2024, the company (as the seller) entered into a sales agreement with Perez (as the buyer), in which the company agreed to sell and Perez agreed to purchase 51% equity of the USA subsidiary Turing AI Technologies Group for a price of 0.45 million USD.

Due to the business performance of the USA subsidiary not meeting the group's expectations and long-term goals, and to allow the group to reallocate resources for other business opportunities, including but not limited to acquiring other companies to promote its development in the AI industry, the Board of Directors believes that it is appropriate for the group to proceed with the sale.

Looking ahead, the group will continue to develop its AI business in China. The group has established a wholly-owned subsidiary in Chengdu to develop AI business and has achieved significant results, successfully signing a strategic cooperation agreement with Chengdu Qingshu Technology Co., Ltd. This company is a Chinese high-tech enterprise focusing on research and applications in the fields of Big Data and Technology computing, with a Cloud Computing platform that can provide comprehensive infrastructure and application programming interface services.