MeiG Smart Technology (HKG:3268, SHE:002881) agreed to invest 300 million yuan to build an artificial intelligence research and development center in China's Nantong City, according to a Hong Kong bourse filing Wednesday.
Shares of the Chinese wireless communication module maker gained over 6% in Hong Kong morning trade Thursday.
The firm will also build a manufacturing project as part of the investment that is expected to span until 2030.
As part of the plan, the company said it will incorporate a new subsidiary within Nantong with a registered capital of 200 million yuan.
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