Hong Kong, August 29, 2024 – Fenbo Holdings Limited (“Fenbo”), a prominent original equipment manufacturer (OEM) for Spectrum Brands, a global home essentials company, specializing in electrical hair styling products under the “Remington” brand, today announced a strategic investment in a U.S. Artificial Intelligence (“AI”) focused investment fund. The Company has entered into a subscription agreement (the “Agreement”) to invest an initial $150,000 in this AI-focused fund (the “Fund”). This move allows Fenbo to tap into the Fund’s expertise in cutting-edge AI technologies and assess the potential impact of AI on the development of its products.
The Fund is aiming for capital commitments of up to $20 million, though the general partner retains the discretion to adjust this amount. The Fund’s objective, as outlined in its terms, is to generate attractive returns for its limited partners.
The Fund, established as a Delaware limited partnership, focuses on direct venture capital investments in early-stage and growth-stage private technology companies. Its primary areas of interest are financial technology (FinTech), blockchain/web3, and enterprise technology. Management of the Fund is entrusted to a Delaware-based investment management firm (the “Firm”). The investment firm strongly believes that AI presents a greater investment opportunity than the internet did at its inception, emphasizing the imperative nature of AI investment. This year, the Firm has been diligently assembling a new Fund to invest in leading private companies within this sector, including notable names like OpenAI. Beyond access, the Firm leverages its team’s extensive background to provide an edge by analyzing the macroeconomy and stock market trends.
The emergence of artificial intelligence has reshaped numerous industries, empowering organizations to streamline operations, enhance decision-making, and unlock innovative opportunities. Recognizing this transformative power, Fenbo is strategically positioning itself to explore and evaluate the potential of AI to benefit its customers.
“The Fund’s focus on AI-driven technologies perfectly aligns with our vision for the future of enterprise software,” stated Mr. Allan Li, Chairman and CEO of Fenbo. “By investing in this Fund, we may gain access to a curated portfolio of innovative startups and potentially benefit from the guidance of industry experts. This will help us identify and evaluate AI solutions that could enhance our products, improve customer experience, and drive positive business outcomes.”
About Fenbo Holdings Limited
Headquartered in Hong Kong and operating through subsidiaries in Hong Kong and Guangdong Province, Fenbo boasts over 30 years of experience in producing personal care electric appliances (primarily electrical hair styling products) and toy products for overseas markets. Since 2006, the Company has served as an OEM for Spectrum Brands, a global home essentials company, and its sole customer, producing electrical hair styling products under the “Remington” brand. Spectrum Brands holds the rights to use this brand, which it currently sells to Europe, the United States, and Latin America. For more information, please visit: .
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions, as well as statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at . The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email:
Phone: +86 13811768599
+1 628 283 9214