Ainnovation Technology to Reduce Stake in Industrial Automation Wing; Shares Surge 11%
MT Newswires Live
Jun 12
Ainnovation Technology (HKG:2121) agreed to sell 21.4 million shares, or 33.5% stake, in AInnovation EHigher (Shanghai) Intelligence Technology, according to a Thursday Hong Kong bourse filing.
Shares of the artificial intelligence company were up nearly 11% in Friday afternoon trading.
Buyer Shanghai Lansu Commercial Management will acquire the equity interest for 20.1 million yuan.
Following completion, the company's shareholding in the target will decrease to 17.5% from 51%,
The target engages in the provision of integrated solutions for intelligent industrial automation systems.
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