China City Infrastructure to Acquire 60% of AI Firm; Shares Jump 12%

MT Newswires Live

Feb 11

China City Infrastructure Group (HKG:2349) agreed to acquire a 60% stake in artificial intelligence firm Shenzhen Shi Zhilian Fei Chuang Technology, according to a Hong Kong bourse filing Tuesday.

Shares of the property investment firm gained 12% in late morning trade Wednesday.

The company is acquiring the stake from Qianhai Jiesuan Company in exchange for a HK$3.3 million convertible bond. The bond converts into equity at a price of HK$0.30 per share, or 11 million shares in total.

The shares would represent 0.35% of the company's issued share capital after conversion.

The firm said the acquisition will help the company diversify its business.

Qianhai Jiesuan Company will hold 40% of Shenzhen Shi Zhilian following completion of the deal.

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