HK Stock Market Move | MeiG Smart Technology (03268) rose nearly 5% in early trading, planning to invest 300 million yuan to build an AI research and development and advanced manufacturing industry project.

MeiG Smart Technology (03268) rose nearly 5% in morning trading, up 4.42% as of the time of writing, to HK$23.64, with a turnover of HK$217.224 million. In terms of news, MeiG Smart Technology signed an investment agreement with the Nantong Shanghai Shibei Hi-Tech Technology Development Zone. The company will invest in the construction of AI research and development and advanced manufacturing industrial projects within the jurisdiction of the Nantong Shanghai Shibei Hi-Tech Technology Development Zone, including the establishment of a research and development center for high computational power AI modules, ASIC servers, high computational power car-mounted SIP modules, intelligent identity, 5G+AIoT modules, and the construction of a pilot and manufacturing base for advanced processes such as SIP packaging, with a total investment of RMB 300 million. According to the investment agreement, the AI research and advanced manufacturing industrial projects are expected to achieve the following operational targets after production: sales target, with accumulated taxable sales of not less than RMB 2 billion within five years after production. Among them, striving to achieve a target of taxable sales exceeding RMB 20 million by 2029; and striving to achieve an annual taxable sales target of not less than RMB 1.2 billion by 2032. Honor target, by 2032, obtain recognition as a national high-tech enterprise or equivalent level of honor.