SingAsia Holdings Limited announced that, on 16 January 2019, the company entered into a non-legally binding cooperation framework agreement with Code Center Industrial (Shanghai) Limited (‘Code Center’)pursuant to which the Company and Code Center shall establish a joint venture in the People's Republic of China which will be owned as to 51% by the Company and 49% by Code Center. The Joint Venture shall start a series of business which collects patent license royalties from domestic ventures and organisations, including human resource business and human resource solutions such as manpower training, technical training and manpower recruiting. It will also collect license royalties from profitable enterprises that are using the invention patent(`Method, Device and Mobile Terminal of Communicating Through a Bar Code Image'). The Company shall provide the Joint Venture with manpower recruitment services, management services and manpower solution services regarding professional licensing and code chain technology application, etc. The Company and Code Center (or its subsidiary) shall enter into a formal agreement in relation to the Provision of Services for the Joint Venture for a period of five years.