Benzinga | Mar 23, 2021 09:02AM EDT

Blue Hat Announces Three-Year Cooperation Agreement With Kingsoft Cloud; Financial Details Not Disclosed

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."