"The emergence of the current AI large model and generative AI offers greater room of imagination, which may redefine SaaS services and accelerate the transformation of SaaS from tool-based and business-oriented to an enabler," he said.

Leung denied that NetDragon would build a large-scale model by itself, but said that the company will seek external cooperation in the sector, with Microsoft and Google being potential partners.

To fully release the value of its overseas business, NetDragon announced earlier this year it would spin off its overseas education business and go public in New York through a backdoor listing through a merger with Gravitas Education. The merged entity will be renamed MYND.AI with an estimated valuation of $750 million.

"As we execute our plan to transform education with AI, this spin-off transaction will provide the right platform for the MYND.AI team to pursue our goal to become the category-dominant leader in the AI-enabled classroom technology space," he added.

"We are confident that AI will help more overseas students to learn at their own pace or be able to utilize personalized learning," Leung said.

Tarek Shawki, Egypt's former minister of education and technical education, said: "The unprecedented times that we have found ourselves in mean that all governments around the world need to find innovative solutions to ensure the continued education of all learners.

"We find ourselves well-positioned to be able to support distance learning and the rapid implementation of the company's products, to ensure that teachers, students and parents can collaborate and learn."