HK Stock Market Move | CHINASOFT INT'L (00354) rose over 5% in late trading, spending RMB 944 million to take control of Hangzhou Gisway Information Technology to expand its power and energy sector layout.

CHINASOFT INT'L (00354) rose over 5% in late trading. As of press time, it was up 5.04% at HK$3.855, with a turnover of HK$82.7932 million. On the news front, CHINASOFT INT'L announced that it plans to acquire a 29.68% stake in Hangzhou Gisway Information Technology for RMB 944 million in cash, becoming its controlling shareholder. A person close to Chinasoft International told Caiwen that the acquisition is intended to achieve dual-platform development, positioning Hangzhou Gisway Information Technology as the power-computing coordination segment in the "AI + power" sector, and to expand the optical storage and charging business as well as information technology innovation-related businesses. Chinasoft International stated that this acquisition is an important layout for expanding its power and energy sector under its "one body, two wings" strategy. The company believes that the target company has technology, products, industry qualifications, a professional team, and customer resources in the power and energy sector, which will help the group further expand into the power and energy market and enter related businesses such as "optical storage and charging."