(Yicai Global) May 25 -- Shares in Tencent Holdings climbed 4.18 percent today after news broke that a unit of the Chinese internet behemoth will provide the country’s fifth-biggest steelmaker Beijing Shougang with cloud computing services to help with its digital transformation and to boost efficiency.

Tencent’s share price [HKG:0700] closed at HKD610 (USD78.60) today. Shougang’s stock [SHE:000959] finished at CNY5.52 (USD0.86), an uptick of 0.91 percent.

Tencent Cloud Computing will help Shougang build an Industrial Internet platform to enable the steelmaker to apply smart and digital technologies in its core production procedures, thus improving competitiveness, Shougang said yesterday. No financial details were given.

Beijing-based Tencent Cloud will use new technologies such as blockchain, cloud computing and Big Data to construct a smart supply chain and financial platforms to organically integrate Shougang’s various businesses and ecosystems, it added.

Tencent Cloud has already penned similar contracts with steel mill Magang Group Holding and industry consulting firm China Metallurgical Industry Planning and Research Institute.

Editor: Kim Taylor