China's AI group Bairong surges on expecting to swing to profit in 2022

Bairong

16/02/2023 05:20

** Shares of China's artificial intelligence (AI)-powered
technology platform operator Bairong Inc  6608.HK  jump as much
as 12.9% to HK$14.68; on track for the biggest daily pct rise
since April 29, 2022 if gains hold
    ** Stock touches highest level since Feb. 8; sixth biggest
pct gainer in the Hang Seng Composite Index  .HSCI 
    ** Beijing-based company expects to turn from loss to profit
in 2022 seeing a net profit of up to 228 mln yuan ($33.29 mln)
due to strong growth in revenue from its core smart analytics
and operation services  urn:newsml:reuters.com:*:nFWN34V1DP
    ** Company says it will increase its investments in tools
such as AI-powered chatbot, as a number of banks have included
accelerating digital transformation of financial services into
their 2023 business strategies
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  jumps 3.9% and the Hang Seng Tech
Index  .HSTECH  soars 4%
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  both rise 2.2%
    ($1 = 6.8491 yuan)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))