MYQ's tech is not going to be in the hands of Tinjoy, so CCP will not have access to it via Tinjoy. I am actually Chinese and live here, the Western perception of how the CCP actually works is highly warped. MYQ is quite paranoid about their tech which is why they have numerous patents across the world. I remember at Techknow Vlado said when they were doing the demo with Tencent, they had special demo iPhone's programmed to give them to try the tech out, but if they tried to hack the phone for the source code or files, the phone would immediately delete all data, keeping the tech safe.
In terms of the binding term sheet, both parties have plenty of motivation and incentive to push the deal forward. Tinjoy wants this tech so that they have a unique product offering to their clients, increasing their own revenues, while MYQ will have another revenue stream. Odds&Evens is basically saying they don't HAVE to act on the contract, so it's not binding ... but why would they sign the contract if they didn't want to act on it. This is simply the process that MYQ takes to bring a deal to go live: Binding term sheet > signing of formal agreements > launch of service. You are literally complaining that they have taken step 1 in their process to launch revenue streams. It's not going to arrive at a launched and finished product, if they don't complete step 1.
Toll, Evolt, Bearn, Wellteq, just some of the partners that are launched that went through this exact same process. Conor McGregor and Floyd Mayweather, not yet launched, but step 1 and 2 (Binding term sheet and signing of formal agreements) completed, so 3rd step launch imminent.
Also, for those with fear that this is a Chinese company, please see following links for more info as well:
Tinjoy I have browsed on local Chinese search engines and had a few local friends help me out with this, but it's a legitimate company, and they are actually quite sizeable. China is entering an era of digital health, especially with Alipay and Wechat working with the government on the health codes that everyone in China has to use to access services and different areas around China. So Tinjoy making this move to increase their product offering of Winscan by bolstering it with MYQs tech is a fantastic move and will make them a market leader in China with the unique tech offering. So far, there is nothing in China that can digitally diagnose symptoms and risk profiles, and this deal will give a big kick up the butt to the other health focused companies in China.
Whether you love or hate China, they boast the biggest population in the world, and hence the largest market. China takes the Covid pandemic very seriously and is making huge strides in digital health, so really China is MYQ's playground and I hope there is more focus on securing business deals here because the numbers will scale like no tomorrow.
MYQ Price at posting:
$1.82 Sentiment: Buy Disclosure: Held
(20min delay)