(Yicai Global) July 7 -- Shares of Hong Kong Aerospace Technology Group soared after the first commercial aerospace company in the city said it will team up with Huawei Technologies to jointly build a satellite data platform, covering the Guangdong-Hong Kong-Macao Greater Bay Area.

Hong Kong Aerospace's stock price [HK: 1725] climbed as much as 20.9 percent to HKD38.80 (USD5) intraday. The shares have jumped almost 19 times since the firm completed a backdoor listing by acquiring Hong Kong-listed Eternity Technology Holdings last April.

The Hong Kong-based satellite maker has inked a cooperation agreement with Huawei Cloud’s Hong Kong unit to jointly form a remote sensing data and artificial intelligence platform called Golden Bauhinia, the firm said in a statement yesterday.

Shenzhen-headquartered telecoms giant Huawei will provide technical solutions for the platform while Hong Kong Aerospace will be responsible for the launch and business development.

Founded in 2019, Hong Kong Aerospace sent its first two satellites into space under the Golden Bauhinia constellation project in April. The spacecraft will be used for agricultural monitoring, disaster control, and urban governance in the Greater Bay Area, said the firm.

Editor: Emmi Laine, Xiao Yi