Ruanyun Edai Technology Inc. (NASDAQ: RYET) ("RYET" or the "Company") announced that it entered into a memorandum of understanding with Chongqing Anyi Automobile Technical Service Co., Ltd. ("Changan Anyi") and Intersect Holding ("Intersect") to develop an automotive and new energy vehicle ("NEV") institute in Saudi Arabia. The proposed institute is intended to combine degree and vocational education with practical automotive training, extending RYET’s Saudi education activities into a major area of industrial development.

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