Kunlun Tech is planning a US$400 million capital boost for a subsidiary expected to buy a stake in an artificial intelligence firm via a share issue, as Chinese tech firms ramp up efforts to develop rivals to Microsoft-backed OpenAI's ChatGPT. A global AI buzz kicked off by ChatGPT has spread to China, pro
Kunlun Tech is planning a US$400 million capital boost for a subsidiary expected to buy a stake in an artificial intelligence firm via a share issue, as Chinese tech firms ramp up efforts to develop rivals to Microsoft-backed OpenAI's ChatGPT.
Kunlun Tech said late on Wednesday its holding subsidiary Star Group Interactive Inc has agreed to acquire the entire equity in Singularity AI Technology Limited, which is working with Kunlun on a large language model, via share issue. After the acquisition, Star Group will receive another US$400 million from its biggest shareholder, a wholly owned unit of Kunlun Tech, the filing showed.
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