VIRTUAL MIND (01520) plans to establish a joint venture with West Foot Chain Technology to specialize in the operation of new consumer businesses in the sports IP economy based on the Web3.0 model.

VIRTUAL MIND (01520) announced that on July 25, 2025, the company signed a memorandum of understanding with Xizhulian Technology Development (Beijing) Co., Ltd. (Xizhulian Technology) to propose the establishment of a joint venture company. According to this, the contracting parties agree to jointly establish a joint venture company, specializing in undertaking the new consumer operation of sports IP economy in the Web3.0 model. Xizhulian Technology is an innovative technology company, focusing on Web3.0 sports IP services with blockchain technology as its core, dedicated to creating a new interactive experience for global sports fans. Through cooperation with La Liga, Xizhulian Technology has launched the LALIGA CLUB platform, the first Web3.0 sports IP open business platform. This platform is based on a decentralized model, integrating Wuxi Online Offline Communication Information Technology Co., Ltd., and has built a fan-driven community ecosystem. Xizhulian Technology is leveraging its technological advantage and innovative model to drive a new business paradigm in sports IP consumption, showing tremendous potential for development in the field of sports IP new consumption. The Board of Directors believes that the proposed establishment of a joint venture company will help deepen the cooperation between the group, Xinqiao and Xizhulian Technology, and is an important milestone for the company in the field of Web3.0. It aims to leverage innovative business models, expand business areas, enhance the company's overall competitiveness, and potentially bring new business growth points to the company, positively impacting the company's future development and aligning with the overall interests of the company and its shareholders.