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Jia Yao to Buy 80% Stake in AI Internet Game, Technology Company; Shares Slip 3%

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Jia Yao Holdings (HKG:1626) agreed to acquire 80% interest in Ninety Investment Holding for up to HK$430.5 million, according to a Wednesday Hong Kong bourse filing.

Shares of the paper cigarette packages supplier were down nearly 3% in Thursday afternoon trading.

The company will fulfill the consideration through the allotment and issue of a maximum of 20.5 million shares at HK$21 apiece. The shares represent 3.3% of the company's enlarged issued share capital.

The target group engages mainly in AI-powered internet game development and publishing, as well as the development, consultancy, and provision of AI application technology services to companies.

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