SHARES of the 360 Security Technology surged yesterday after China’s biggest cyber security firm announced a plan to raise 10.8 billion yuan (US$1.7 billion) by private placement to invest in AI and big data.

The investment will cover nine projects that include cyber security research, online search, artificial intelligence and big data, Shanghai-listed 360 said in a statement to the Shanghai Stock Exchange on Tuesday.

The exact pricing has yet to be finalized. The plan is still pending approval from shareholders and the China Securities Regulatory Commission.

Shares of 360 surged 3.1 percent to 37.9 yuan, compared with the 0.71 percent drop of the Shanghai stock index yesterday.

Cyber security is more than just a technology problem as it is a “giant security” covering national security, society development and urban management, Zhou Hongyi, chairman of 360, told an IT forum yesterday.

AI and intelligent systems still have loopholes, which require more investment and upgraded technologies to improve them, Zhou added.

Among the nine projects, 360 will invest in Internet of Things sector covering car communications and smart watches designed for children.

In April, 360’s net profit surged 80 percent in 2017 in their first annual fiscal report after listing domestically.

360 is China’s biggest online security firm with 550 million active monthly users.

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