(Yicai Global) April 10 -- Shares of ArcSoft surged to a nearly 15-month high after the Chinese computer vision company which counts Samsung Electronics and Honor as some of its mobile phone clients said it has renewed its contract with a global top five smartphone maker to gain almost USD45.8 million.

ArcSoft’s stock price [SHA: 688088] jumped as much as 19.2 percent intraday to CNY46.70 (USD6.80), the highest since January 2022, and was 7.9 percent up at 1.17 p.m.

A leading phone brand can use the artificial intelligence company's software in its products till March 31, 2025, the Hangzhou-based firm said in a statement yesterday, citing a renewed licensing deal with a widened scope. The client is one of ArcSoft’s top five customers, it added, without disclosing its name due to a confidentiality agreement. The contract renewal is expected to have a positive impact on ArcSoft’s business from this year to 2025.

Some of ArcSoft’s Chinese smartphone clients include Xiaomi, Oppo Mobile Telecommunications, and Vivo Communication Technology, according to its 2021 annual report. In 2021, the firm earned CNY521 million (USD75.8 million) in revenue from its smartphone solutions business, almost 91 percent of its total that year.

ArcSoft makes computer vision software used in intelligent vehicles, smart homes, and retail, and has world-famous clients in these fields, per the firm's website.

Editor: Emmi Laine, Xiao Yi