BEIJING, Jan. 12,
2024 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM)
("Cheetah Mobile" or the "Company"), a leading internet company,
today announced that the Company, through two of its wholly-owned
subsidiaries, has made an additional investment in Beijing
OrionStar Technology Co., Ltd. ("Beijing OrionStar"), in which the
Company held 72.91% equity interest before the investment.
The Company, through a wholly-owned subsidiary, made an
investment of US$16.7 million in
Beijing OrionStar. Concurrently, Beijing Kingsoft Internet Security
Software Co., Ltd. ("Beijing Security"), a wholly-owned subsidiary
of the Company, exercised its right under the convertible loan with
principal amount of RMB100 million
that it provided to Beijing OrionStar in 2021 to convert all of the
principal and the accrued interest into Beijing OrionStar's equity
interest.
Additionally, Gongqingcheng Orion Industrial Investment Center
(Limited Partnership) (the "Fund") made an investment of
RMB150 million, or approximately
US$20.9 million, into Beijing
OrionStar. The Company, through one of its subsidiaries, is one of
the limited partners of the Fund and currently owns approximately
49.5% interest in the Fund. Jiujiang Industrial Investment Guidance
Fund Partnership (Limited Partnership) ("Jiujiang Guidance Fund")
and Shenzhen China Science and Merchants Equity Investment
Management Co., Ltd. ("CSC Group") serve as the other limited
partner and the fund manager of the Fund, respectively.
The aforementioned investment is
expected to close in February 2024.
After the completion of the investment, the Company's equity
interest in Beijing OrionStar is expected to be 72.10%, without
taking into account the stake it holds indirectly through the Fund;
the Company is expected to hold, both directly and indirectly,
73.95% equity interest in Beijing OrionStar, including the stake it
holds indirectly through the Fund.
Mr. Sheng Fu, chief executive
officer and director of the Company, commented, "I am pleased to
announce the Company's collaboration with Jiujiang Guidance Fund
and CSC Group, which includes making investment in Beijing
OrionStar. This collaboration marks the beginning of a new phase in
Beijing OrionStar's development, with these new shareholders
playing a crucial role in helping it achieve significant
advancements in expanding its range of end use cases and
applications, upgrading its manufacturing processes, and optimizing
its supply chain management.
With its focus on in-depth research and development, Beijing
OrionStar will improve its core technological capabilities, and
will continue to invest in the research and development of
artificial intelligence ("AI") large language model ("LLM")
technologies, as well as the enhancement of its hardware
manufacturing capabilities. As we enter the era of artificial
general intelligence ("AGI"), Beijing OrionStar is dedicated to
realizing service robots equipped with embodied AI technology, to
better cater to the needs of its global customers across various
scenarios."
About Beijing OrionStar
Founded by Mr. Sheng Fu, Beijing
OrionStar is an AI service solution provider headquartered in
Beijing focusing on the research
and development of AI. Beijing OrionStar became a subsidiary of the
Company in December 2023, following
the Company's acquisition of its controlling stake. Having made
large-scale investments in the research and development of AI
technology since 2016, Beijing OrionStar has independently
developed a full range of AI technologies, including automatic
speech recognition, computer vision, and indoor navigation, as well
as acquiring significant capabilities in the research and
development of service robot operating systems, application
development, and the design and manufacturing of full-stack
hardware for service robots. At the same time, Beijing OrionStar is
in the process of independently researching and developing LLM and
empowering its robotics business with LLM technologies, promoting
the smart digitalization of real economy and use cases.
About Cheetah Mobile Inc.
Cheetah Mobile is a China-based
IT company with a commitment to AI innovation. It has attracted
hundreds of millions of users through an array of internet products
and services on PCs and mobile devices. At the same time, it
actively engages in the independent research and development of its
AI technologies, including LLM technologies. Cheetah Mobile
provides advertising services to advertisers worldwide, value-added
services including the sale of premium membership to its users,
multi-cloud management platform to companies globally, as well as
service robots to international clients. Cheetah Mobile is also
committed to leveraging its cutting-edge AI technologies, including
LLM technologies, to empower its products and make the world
smarter. It has been listed on the New York Stock Exchange since
May 2014.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Such statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in the
forward-looking statements, including but are not limited to the
following: Cheetah Mobile's growth strategies; Cheetah Mobile's
ability to retain and increase its user base and expand its product
and service offerings; Cheetah Mobile's ability to monetize its
platform; Cheetah Mobile's future business development, financial
condition and results of operations; competition with companies in
a number of industries including internet companies that provide
online marketing services and internet value-added services;
expected changes in Cheetah Mobile's revenues and certain cost or
expense items; and general economic and business condition globally
and in China. Further information
regarding these and other risks is included in Cheetah Mobile's
filings with the U.S. Securities and Exchange Commission. Cheetah
Mobile does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
Investor Relations Contact
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com
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SOURCE Cheetah Mobile
