The Chinese provider of data services for businesses has linked up with a state-run exchange with a joint mission to develop datasets as digital commodities
image credit: Bamboo Works
Key Takeaways:
- Xunce and the Shenzhen Data Exchange will work together to expand a system in which data is traded as tokens and can be recognized on balance sheets
- The company’s shares jumped after news of the partnership to trade at more than six times its IPO price
As the fuel behind the explosive growth of AI, data is transforming itself from a business input into a financial asset.
That’s the assumption behind a strategic partnership between a Chinese provider of data solutions and a state-run platform that aims to promote the trading of datasets as a commodity within the digital economy.
Shenzhen Xunce Technology Co. Ltd. (3317.HK) supplies data systems and analytics to businesses, including AI-powered data agents that can act on the information they process. The company announced on April 12 it had linked up with the Shenzhen Data Exchange to develop what it called a service framework for “data assetization”, the process of turning data into marketable assets.
The partners also agreed to work on harnessing data and AI to drive growth across sectors, to push for data assets to be logged on balance sheets and to foster high-quality data standards and scenarios for robotics, autonomous driving and smart devices.
Investors welcomed the tie-up, sending Xunce’s shares 15.61% higher in the first session after the announcement. The closing price of HK$358.4 was more than six times the company’s IPO price from December last year, capping a steady rise in market enthusiasm.
Founded in 2016, …