Mint Incorporation Limited (NASDAQ:MIMI) said it has signed a non-binding memorandum of understanding through its wholly owned subsidiary, Aspiration X Limited, to explore a strategic joint venture with Rice Robotics Holdings Limited.
The proposed venture would focus on advancing localized robotics technology and expanding research and development capabilities in Hong Kong. Under the terms outlined in the MoU, Mint plans to commit an initial investment of approximately HK$10 million, subject to final agreements and customary conditions.
Targeting Intelligent Robotics Growth
The envisioned joint venture aims to accelerate the rollout of intelligent robotic systems across Asia. Mint brings an established presence in Southeast Asia, including smart office deployments in Singapore and security robotics projects in Thailand and Malaysia. Rice Robotics contributes expertise in delivery robotics and a strong footprint in Japan, where it serves high-profile clients.
The companies intend to combine strengths in R&D, branding and commercialization to broaden market coverage and enhance product development.
“This partnership provides a compelling response to the question, ‘Why not Hong Kong’’ While the city is renowned for fintech and finance, we believe it has the talent and vision to be a leader in physical AI and robotics innovation. Many local firms act mainly as sales channels, but together with Rice Robotics, we are building core proprietary technology here. We were impressed by Rice Robotics’ proven delivery robotics platform and its network of high-profile clients in Japan. This partnership significantly diversifies and strengthens our robotics portfolio, allowing us to move beyond B2B into the promising B2C space—developing robots for companionship, education, and daily life, powered by our robust AI,” said Damian Chan, Chairman and Chief Executive Officer of Mint.
Victor Lee, Founder of Rice Robotics, added: “Mint’s rapid expansion in AI and robotics across Southeast Asia makes it an ideal partner. Its dedicated commercial teams and AI platform will dramatically accelerate our joint R&D and market expansion. We share a bold vision to build the most anticipated robotics company in Hong Kong and drive meaningful diversification in the region’s tech ecosystem. This joint venture will serve as a strategic accelerator for both companies.”
Focus on “Physical AI”
The collaboration comes as interest grows in so-called “Physical AI” — systems capable of reasoning, planning and acting autonomously in real-world environments. By combining Rice Robotics’ established hardware platforms with Mint’s AI software capabilities, the companies aim to position the venture at the forefront of autonomous robotics development.
Both sides said the goal is to create smarter and more intuitive robotic solutions for logistics, service automation and broader consumer applications.
The memorandum remains non-binding and is contingent on the negotiation and execution of definitive agreements.
More about Mint Incorporation Limited
Mint Incorporation Limited, headquartered in Hong Kong and listed on Nasdaq, operates in artificial intelligence, robotics and interior design. Through Aspiration X, it provides intelligent robotics and facility management solutions, while its subsidiary Matter International Limited delivers interior design and renovation services.
About Rice Robotics Holdings Limited
Rice Robotics is an Asia-focused robotics company specializing in autonomous delivery systems for logistics and service industries. The company has built a presence in Japan and other regional markets, developing robotic platforms designed to enhance operational efficiency and automate last-mile delivery services.