After winning a robot order worth 120 million yuan, the "Jay Chou concept stock" established a joint venture with Unitree Technology.

The cooperation between "Jay Chou concept stock" Star Legend Group Limited (06683.HK) and Unitree Technology has taken a step further.

At noon on November 12, Star Legend issued an announcement stating that its wholly - owned subsidiary, Xingchuangyi (Kunshan) Cultural and Entertainment Co., Ltd., and Beijing Lingyi Technology Co., Ltd. (a wholly - owned subsidiary of Unitree Technology) entered into a joint - venture cooperation agreement. The two parties agreed to jointly establish Yuxing Entertainment Technology Co., Ltd. Xingchuangyi and Lingyi Technology will each hold a 50% equity stake in the joint - venture company.

According to the announcement, the joint - venture company intends to be mainly responsible for the creation, development, operation, promotion, and sales of consumer - grade IP robots and IP derivatives. The board of directors of the joint - venture company will consist of four directors, and Xingchuangyi and Beijing Lingyi Technology can each appoint two directors.

After the establishment of the joint - venture company, it will exclusively sell, operate, and promote the artist IP robots and derivatives developed based on the IP resources of both parties. Star Legend will be responsible for robot IP planning, design, AI interaction, star IP authorization, media promotion, and channel development, as well as the planning, production of performing arts content, and the development of commercial customers. Unitree Technology will be responsible for robot design and production or supply, technology and scenario research and development based on performing arts content, robot equipment technology research and development, operation and maintenance, control, and related training.

The announcement did not disclose the specific investment amount.

As soon as the news was announced, the stock price of Star Legend soared instantly in the afternoon session, rising by more than 18%. As of 13:04 on November 12, it closed at HK$9.94 per share, with a total market value of approximately HK$8.9 billion.

As early as July 30 this year, Star Legend issued an announcement stating that its wholly - owned subsidiary, Xingchuangyi (Kunshan), entered into a cooperation agreement with Unitree Technology. Two months later, on September 13, the quadruped robot "Star Dog" jointly created by Star Legend and Unitree Technology made its public debut at the opening ceremony of the Shanghai Tourism Festival.

Recently, Star Legend has successively announced two orders for quadruped robots.

On November 4, Star Legend announced that its wholly - owned subsidiary, Star Legend Cultural and Creative Intellectual Property Rights (Hong Kong) Co., Ltd., entered into a sales contract with ADATA Technology Co., Ltd. As a distributor, ADATA Technology will purchase 1,000 quadruped robots from Star Legend Cultural and Creative, with a total price of more than RMB 20 million. Unitree Technology will be responsible for the product's technology, hardware research and development and production, and the research and development of related applications. The product is expected to complete testing this year and enter mass production early next year.

On November 5, Star Legend announced again that it had signed a sales contract with Cloud Works (02512.HK). As a distributor, Cloud Works will purchase 5,000 quadruped robots from Star Legend Cultural and Creative, with a total price of more than RMB 100 million.

Previously, on November 3, Star Legend announced that it had subscribed for no more than 7% of the issued share capital of Galaxy Company through an industrial fund. Public information shows that Galaxy Company is an agency for Korean artists such as G - Dragon, Kim Jong - kook, and Song Kang - ho. Star Legend and Galaxy plan to carry out in - depth cooperation in multiple fields, including global touring concerts, large - scale theme exhibitions, and artist IP creation and derivative development.

Star Legend's main businesses are new retail, IP creation, and operation. It was listed on the main board of the Hong Kong Stock Exchange in July 2023. The company is known as the "Jay Chou concept stock" because of its close association with Jay Chou. In July this year, Jay Chou officially joined the Douyin platform. Affected by this news, Star Legend's stock price once soared by more than 160% during intraday trading.

The financial report shows that in the first half of this year, Star Legend's revenue was RMB 354 million, a year - on - year increase of 33.0%; the profit during the period was RMB 8.07 million, a decrease of 68.3% compared with RMB 25.45 million in the same period last year.

This article is from "Jiemian News", author: Peng Peng. Republished by 36Kr with permission.