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C.banner International Unit to Acquire, Subscribe for Stake in AI Data Firm; Shares Plunge 16%

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C.banner International (HKG:1028) unit Shanghai Qiandu Intelligent Technology agreed to purchase an 83.33% stake in Shanghai Benyuan Zhishu Enterprise Management for 150 million yuan, according to a June 5 Hong Kong bourse filing.

Shares of the clothes retailer were down 16% in Monday afternoon trading.

The vendors comprise the target's founding shareholders Li Niyong, Wang Zhaoxi, Li Zhengshi, and Shen Chao, as well as Yuanben Zhimo.

Additionally, the target agreed to issue 8,333,333 yuan of new registered capital in it to the firm, representing 45.45% of its enlarged issued share capital, for another 150 million yuan.

Following completion, the firm will hold 90.91% interest in Shanghai Benyuan Zhishu Enterprise Management.

The target is engaged in the provision of AI data services in China.

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