Metaspacex (HKG:1796) decided not to proceed with a proposed HK$500 million investment plan to develop an Open Claw smart robotics business, according to a Thursday Hong Kong bourse filing.

Shares of the interior fitting-out services firm rocketed 50% in late morning trade on Friday.

The company said recent sharp declines in its share price created uncertainty over fundraising needed to support the new business.

Metaspacex announced in March plans to develop Open Claw, next-generation open smart gripping actuators for robotics applications, including industrial collaboration, warehousing and logistics, humanoid robots, and specialized operations.

The proposed investment was intended to fund technology research and development, production capacity expansion, global market development, and talent recruitment.

Metaspacex said it had not entered into any legally binding agreements or invested any funds in the proposed business since announcing the plan.

The company added that the termination is not expected to have any material impact on its financial position or existing operations.