By Jiahui Huang
Synagistics' shares surged in Hong Kong after the Alibaba-backed e-commerce company launched a new artificial intelligence platform using DeepSeek's technology.
Shares were up 16% to HK$27.10 at midday on Thursday, equivalent to US$3.49, on track for its largest one-day gain since November last year. The benchmark Hang Seng Index was up 2.6% at 24210.76.
The gains came after the company said it launched an AI platform called Geene, which has integrated multiple leading AI large language models including DeepSeek, Open AI's ChatGPT and Alibaba's Qwen.
The platform was developed by the company and its joint venture with Movitech, a Chinese AI software company, Synagistics said.
Earlier this year, the breakthrough of Chinese startup DeepSeek's cost-effective AI model sparked optimism about Chinese tech equities and investors' sentiment for China's long-term economic growth.
In a speech to the country's lawmakers on Wednesday, Chinese Premier Li Qiang said AI would be key to boosting China's digital economy. Li pledged that China would boost support for applications of large-scale AI models and AI hardware, such as smartphones, robots, and smart cars.
Synagistics is a Hong Kong-based data-driven solutions company serving multiple e-commerce brands.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 05, 2025 23:20 ET (04:20 GMT)
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