HK Stock Market Move | HUANXI MEDIA (01003) opens over 14% higher, introduces PHANCY as its largest shareholder, laying out the AI content raceway.

HUANXI MEDIA (01003) opened more than 14% higher, up 14.55% as of the time of writing, at a price of 0.315 Hong Kong dollars, with a trading volume of 1.5246 million Hong Kong dollars. On the news front, on the evening of May 19, HUANXI MEDIA announced a strategic cooperation and joint venture framework agreement with PHANCY. The agreement outlines that the two parties intend to establish a strategic partnership through a joint venture in the fields of film and television creation, interactive entertainment, game development, and intellectual property derivative in which they will combine the company's industrial advantages in the film and television sector with PHANCY's professional capabilities in artificial intelligence. In addition, the company signed a subscription agreement with Phancy International Limited, a wholly-owned subsidiary of PHANCY, to issue 7.31 billion new shares at a price of 0.275 Hong Kong dollars per share, representing approximately 14.30% of the enlarged share capital, with a total funding amount of approximately 201 million Hong Kong dollars. The funds will primarily be used for investment in AI film and television production and general operating funds. The company also signed the first large model API service agreement with Phancy International Limited for a total price of 20 million USD (approximately 157 million Hong Kong dollars), billed based on Token consumption when the Group applies AI to film and television production, with a validity period of two years.