(Yicai Global) Sept. 7 -- Financial industry solutions provider Shenzhen Ysstech Info-Tech Co. [SHE:300377] will invest in a Shanghai-based joint venture to introduce talents from Silicon Valley and develop application tools for artificial intelligence.
The company to be founded will create a set of AI tools, develop modules that can solve financial problems with them and work with the financial industry to improve the quality and efficiency of financial products and services.
The JV's registered capital will be USD7.67 million (CNY50 million), of which Ysstech will contribute CNY20 million and Shanghai Hengkuan Enterprise Management & Consulting Partnership (Limited Partnership) will chip in CNY30 million, Ysstech said yesterday.
Shanghai Hengkuan Enterprise Management & Consulting's stake is reserved for the JV's senior management, who will hold a 56-percent stake in the venture, and backbone staff, who will have a 4-percent cut, Ysstech said.
Wen Jianjun and Chen Guanghao, who gained years of tech experience in the US, will be major founders of the new group, said Ysstech.
The project has great market potential and controllable risk, and it will merge technology and business to create a virtuous circle and promote new technologies such as AI, blockchain and big data, Ysstech said.