China’s Netac Soars on Teaming Up with Suanxin to Develop AI Tech, Hardware for Smart City
Tang Shihua
DATE:  May 19 2023
/ SOURCE:  Yicai
China’s Netac Soars on Teaming Up with Suanxin to Develop AI Tech, Hardware for Smart City China’s Netac Soars on Teaming Up with Suanxin to Develop AI Tech, Hardware for Smart City

(Yicai Global) May 19 -- Shares in Netac Technology surged as much as 19.9 percent today after the Chinese data storage device maker said it is linking arms with artificial intelligence firm Shanxi Suanxin Technology to develop AI-driven software and hardware for use in a smart city project.

Netac’s share price [SHE:300042] closed up 15.7 percent at CNY30.68 (USD4.37). Earlier in the day it hit CNY31.79.

The two parties will develop products and solutions that will be applied in an integrated data center in Shaoguan, southern Guangdong province that will supply AI computing power to the Guangdong-Hong Kong-Macao Greater Bay Area, the Shenzhen-based company said, citing the signed agreement.

The pair plan to set up a joint venture that will engage in the research and development and production of both the hardware and software for smart products that will be used in a number of smart projects in Shaoguan, such as the city brain, smart computing center and intelligent transportation, it said.

Both parties will fully exploit their respective strengths in R&D, production and marketing in the fields of digital storage, AI and smart computing, in order to seize the opportunities brought about by the digitization of China, it added. The investment amounts and shareholding ratios in the JV were not mentioned.

Editor: Kim Taylor

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Keywords:   Joint Venture,R&D,AI Computing,New Product Development,Shaoguan Computing Center,Netac Technology