(Yicai Global) Dec. 11 -- Hundsun Technologies Inc. [SHA:600570], a Chinese fintech firm affiliated with billionaire entrepreneur Jack Ma, plans to bring in an artificial intelligence strategy and new financial products.
The firm will hold a product release conference on Dec. 15, where President Liu Shufeng will officially unveil the new AI program, Securities Times reported yesterday. The company has already been running trials for its new products at several banks.
China Bohai Bank Co., Bank of Jiangsu Co. [SHA:600919] and China Guangfa Bank Co. have all tested the firm's robo-advisor product with a view to helping identify the risks investors are willing to make. The bot could also prove useful to financial regulators and industry associations.
Set up in Hangzhou, Zhejiang province in 1995, Hundsun is a leading financial software and network service provider in China. Ma, founder of e-commerce stalwart Alibaba Group Holding Ltd. [NYSE:BABA], spent CNY3.3 billion (USD499 million) in 2014 to buy a controlling stake of 20.72 percent.
The company's share price shot up 8.31 percent to CNY48.5 (USD7.33) today after reports of the new strategy surfaced.