ITC Properties (HKG:0199) signed a memorandum of understanding with Beijing Qiyuan Zhisuan Data Technology to explore cooperation in artificial intelligence infrastructure and data center businesses, according to a May 15 Hong Kong bourse filing.
Shares of the property developer rose nearly 12% in late-morning trade on Monday.
The companies plan to collaborate on AI infrastructure, internet data center resources, artificial intelligence data center development, computing power services, and data center operations.
ITC said the parties may also explore a variable interest entity structure involving Qiyuan Zhisuan, which holds telecommunications licenses in China for internet data center and internet access services.
The memorandum will remain valid for 12 months unless terminated earlier.