(Yicai) Dec. 5 -- Shares in Zhong Fu Tong Group surged by the exchange-imposed limit today after the Chinese provider of information technology services said it has won its first contract in the artificial intelligence computing equipment leasing field from Zhejiang Rural Commercial United Bank.

Zhong Fu Tong’s share price [SHE:300560] closed up 20 percent at CNY21.10 (USD3), the highest since March last year.

Zhong Fu Tong will rent out 20 graphic processing unit services to the Hangzhou-based bank, which mainly serves customers in the rural areas of southeastern Zhejiang province, the company said yesterday. No further details, such as the value or the length of the contract were given.

The contract marks the entry of Zhong Fu Tong into the sector of leasing computing resources and this will have a positive impact on its future growth, the southeastern city Fujian-based firm said.

Zhong Fu Tong will seize opportunities brought about by the rapid development of AI applications and the Internet of Things which is boosting demand for computing power, it said. And it will continue to improve the positioning of its digital businesses.

Zhejiang Rural Commercial United Bank had deposits of CNY4.2 trillion (USD600 billion) as of the end of July and had extended around CNY3.2 trillion in loans, according to its website.

Editor: Kim Taylor