Blue Hat Announces Strategic Cooperation Agreement with Leading China Cloud Service Provider Kingsoft Cloud

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a three-year framework agreement with Kingsoft Cloud (NASDAQ: KC) effective August 14, 2020. This partnership aims to enhance Blue Hat's Internet Data Center (IDC) business, which serves as a secure hosting infrastructure for enterprises. The agreement follows Blue Hat's acquisition of Xunpusen Technology, leveraging its mobile marketing expertise. CEO Xiaodong Chen expressed optimism about future growth and expanding their customer base in mobile and gaming sectors.

Positive

• Strategic three-year agreement with Kingsoft Cloud enhances IDC business.
• Leveraging mobile marketing expertise from Xunpusen to reach larger corporate clients.
• Potential for increased brand awareness and customer base in mobile and gaming.

Negative

• None.

XIAMEN, China, March 23, 2021 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China, today announced the signing of a three-year framework agreement with Kingsoft Cloud Holdings Limited ("Kingsoft Cloud") (NASDAQ: KC), a leading cloud service provider in China, effective August 14, 2020. Over the course of the last few months, Blue Hat has been providing mainframe hosting, system maintenance, troubleshooting and other services to Kingsoft Cloud's platform in an initial assessment period.

This agreement strengthens Blue Hat's growing Internet Data Center ("IDC") business following the Company's acquisition of Xunpusen Technology Co., Ltd. ("Xunpusen") in late 2020. IDC is an infrastructure that allows hosting enterprises, merchants, or web servers to conduct e-commerce securely and supports those businesses and their business alliances in implementing value chain management for their distributors, suppliers and customers. In partnering with one of the top cloud service providers in China, Blue Hat continues to leverage Xunpusen's mobile marketing and hosting expertise while growing its legacy mobile and gaming business as it secures new channels to expand the Company's customer base.

Like other IDC agreements Blue Hat has previously announced, this agreement with Kingsoft Cloud enables larger companies to promote and sell products utilizing Xunpusen's message marketing and integrated solutions. Both Blue Hat and Kingsoft Cloud will continue to seek business opportunities with larger multi-national corporate clients.

Xiaodong Chen, CEO of Blue Hat, stated, "We are pleased to be recognized as a valued partner by Kingsoft Cloud, one of the top cloud service providers in China, and look forward to working with them in offering our marketing and integrated solutions to larger business clients. We believe this three-year agreement with Kingsoft Cloud is just the beginning of a productive partnership, and we will continue to expand our IDC business with a focus on leveraging Xunpusen's expertise in mobile marketing and hosting. Through this cooperation, we will be able to increase our brand awareness and customer base for our mobile and gaming business."

About Blue Hat

Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games, and toys with mobile game features. The Company's interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading independent cloud service provider in China. Kingsoft Cloud has built a comprehensive and reliable cloud platform consisting of extensive cloud infrastructure, cutting-edge cloud products and well-architected industry-specific solutions across public cloud, enterprise cloud and AIoT cloud services. For more information, please visit: http://ir.ksyun.com.

Forward-Looking Statements 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net

Investor Relations:
The Equity Group Inc.
Adam Prior, Senior Vice President 
(212) 836-9606
aprior@equityny.com

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com

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SOURCE Blue Hat Interactive Entertainment Technology

FAQ

What is the recent agreement between Blue Hat and Kingsoft Cloud?

Blue Hat signed a three-year framework agreement with Kingsoft Cloud to enhance its Internet Data Center business.

When was the agreement with Kingsoft Cloud effective?

The agreement became effective on August 14, 2020.

How does the agreement affect Blue Hat's business?

It strengthens Blue Hat's IDC business and expands its marketing and hosting capabilities.

What is the stock symbol for Blue Hat?

The stock symbol for Blue Hat Interactive Entertainment Technology is BHAT.

What potential benefits does the partnership with Kingsoft Cloud offer?

The partnership may lead to increased brand awareness and access to larger corporate clients.