GHY Culture & Media (GHY) has entered into a non-binding memorandum of understanding (MOU) with iQIYI International Singapore to establish a talent management agency to be based in Singapore that identifies and promotes talent across Southeast Asia.

iQIYI International Singapore is a subsidiary of China-based online streaming service provider iQIYI Inc., which is listed on the Nasdaq Global Select Market. According to a filing by GHY to SGX dated March 17, iQIYI is an existing customer and shareholder of the company.

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The company states that the MOU is subject to definitive documents to be entered into by GHY and iQIYI International Singapore in relation to the joint venture entity. 

The MOU is not expected to have any material impact on the earnings per share or net tangible assets per share of GHY for the FY2021 ending December 2021.

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At at 1.24pm, shares in GHY are up 2 cents or 2.7% higher at 76 cents.