Key Takeaways:
Xunce (03317.HK) shares surged 14 percent to close at HKD353.4 in Hong Kong trading after the company announced a strategic pact with the Shenzhen Data Exchange to jointly expand in artificial intelligence and data services.
The agreement will see the two parties "jointly expand data element and AI innovation businesses," according to a company statement. The partnership will focus on promoting market expansion for enterprises undergoing digital and intelligent transformation, tapping into a key area of growth for the technology sector.
Shares opened 2.32 percent higher on April 13th before climbing to an intraday peak of HKD360.4, a gain of 19.4 percent from the previous close. Turnover for the day reached 1.82 million shares, valued at approximately HKD614 million.
The cooperation is significant as it targets the development of a service system for data assetization, which includes the complex process of including data assets on corporate balance sheets. This initiative aligns with Beijing's push to develop data as a factor of production and could position Xunce as a key player in the emerging data assetization and compliance market.
This article is for informational purposes only and does not constitute investment advice.
