PHANCY Surges Over 4% in Morning Session on Strategic Alliance and $20M Service Deal with HUANXI MEDIA

Stock News05-22 12:02

PHANCY (06682) rose more than 4% in morning trading. As of the time of writing, the stock was up 3.72% to HKD 32.32, with a turnover of HKD 64.70 million. The company announced that on May 19, 2026 (after market close), it entered into a strategic cooperation and joint venture framework agreement with HUANXI MEDIA GROUP LIMITED (HUANXI MEDIA). The agreement aims to establish a strategic partnership by forming a joint venture platform. This collaboration will leverage PHANCY's expertise in artificial intelligence and HUANXI MEDIA's industry strengths in film and television. The partnership will focus on areas including film and television production, interactive entertainment, game development, and intellectual property derivative products. Furthermore, on May 19, 2026 (after trading hours), PHANCY's wholly-owned subsidiary, Phancy International, signed a large language model Application Programming Interface (API) service framework agreement with HUANXI MEDIA. Under this agreement, Phancy International will provide various large language model API services to HUANXI MEDIA for a total consideration of USD 20 million. Based on an exchange rate of HKD 7.85 to USD 1.00, this amount is equivalent to approximately HKD 157 million. The service fee will be charged based on the volume of Tokens consumed by HUANXI MEDIA and its subsidiaries when applying AI in film and television production. The agreement is valid for two years. HUANXI MEDIA will prepay the service fee to an entity designated by Phancy International within five business days of receiving the payment notice from the group.

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