"Key terms of the agreement include that Honam will pay ZBB $3 million over a four-quarter period and gain non-exclusive rights to sell the V3 product in Japan, Thailand, Taiwan, Malaysia, Vietnam and Singapore. Honam will have exclusive rights to manufacture and sell the V3 within Korea. Honam will pay a royalty for jointly developed product sold outside of Korea."
Notice no mention of China.
So I wouldn't conclude just yet that some China JV is off the table, nor the potential issues with IP theft.