(Yicai Global) Oct. 23 -- Zhongchang Big Data Corp. Ltd. [SHA:600242] plans to invest almost CNY12.87 million (USD1.94 million) through a wholly-owned subsidiary to subscribe to shares newly issued by an artificial intelligence retail startup.
After the deal, Zhongchang will indirectly hold a 2.53-percent stake in the target company, Shanghai Ulucu Electronics Technology Co. [NEEQ:837110], the listed firm said last Friday.
The investment will help the company bolster profits by capitalizing on the extensive investment and synergize with its strategic plans for applications in Big Data's vertical chain and analysis and processing, the statement added.
Ulucu, an AI service provider, furnishes new retailers and stores with AI management and data analysis services integrating human, financial and material resources. The firm didn't make a profit in the first half of this year, mostly down to large investments in research and development.