(Yicai) Jan. 4 -- Jinji Industrial’s stock price soared after the Chinese dye maker said a new unit that leases computing power for artificial intelligence resources has penned a deal worth CNY922 million (USD130 million).

After surging by its 20 percent daily trading limit in the morning session, Jinji Industrial [SHE: 300798] finished the day 9.6 percent up at CNY10.77 (USD1.51) a share in Shenzhen.

Yingzhi Innovation inked the agreement with Shenzhen Dixi Yunlian Technology, its Taizhou-based parent company said late yesterday. It will lease 2,048 petaflops between this year and 2028, with the project set to start after installation and debugging of the computing equipment.

Dixi Yunlian has long been involved in internet data centers, network content distribution, internet access, and other services, Jinji Industrial pointed out, without disclosing further details of their deal.

Jinji Industrial ventured into the AI computing power services sector last October after announcing plans to set up 10,000P of computing power in Shenzhen and build an AI computing power network across China. It also revealed a plan to buy 150 Nvidia computing power servers for CNY312 million (USD44 million).

But because of new US regulations on AI chip exports, the plan to buy Nvidia servers has not been completed yet, Jinji Industrial said. The company has nearly 500P of AI computing power and is vigorously seeking server sources to complete the 2,000P first phase of the Shenzhen project, it added.

Editor: Martin Kadiev