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China Carbon Neutral in Talks to Buy Majority Stake in IT Firm

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China Carbon Neutral Development (HKG:1372) signed a letter of intent to acquire a controlling stake in Shanghai Mingxiao Information Technology Development, according to a Monday filing with the Hong Kong bourse.

The company intends to acquire more than 51% of Shanghai Mingxiao through the issuance of new shares or convertible bonds.

The final valuation and consideration will be determined after due diligence.

Shanghai Mingxiao develops artificial intelligence, industrial internet of things and digital infrastructure technologies for the rail transit sector, the filing said.

The parties agreed to a three-month exclusivity period to complete due diligence and negotiate a definitive agreement.

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