UTime Limited (NASDAQ:WTO) ("UTime" or the "Company") announced today that it has entered into a Memorandum of Understanding (MOU) with Hainan Fuxinyi Investment Co., Ltd. ("Fuxinyi), a company specializing in integrating eldercare service resources, to collaborate over the next three years to co-develop a professional digital platform for eldercare services. This partnership intends to leverage UTime's product development and manufacturing expertise as a U.S.-listed mobile device manufacturer, while Fuxinyi will lead the integration and coordination of eldercare service resources. Initial implementation of the platform is planned to begin in Nanning, Guangxi province, PRC, with planned expansion to other cities across southern China.
Key elements of the collaboration include:
- Three-year development plan: Jointly build a comprehensive digital platform for elderly care service management.
- Roles and expertise: UTime plans to provide device design, product development and manufacturing capabilities; Fuxinyi will contribute its network of eldercare service providers and community resources.
- Pilot region: Launch the platform in Nanning, Guangxi Province as a pilot, with phased rollout across southern China thereafter.
- Strategic market expansion: Extend UTime's product applications into the growing elderly healthcare and "silver economy" sectors.
UTime believes that this partnership represents a strategic shift for UTime, broadening its focus from consumer devices into healthcare-related services. The Company expects that this will position it to participate in the rapidly expanding senior care market in China. Management believes this collaboration will create long-term growth opportunities and shareholder value by leveraging the synergies of its technology and Fuxinyi's service network.