International Business Settlement Holdings Ltd (IBS), a Hong Kong-listed investment holding company, has proposed acquiring the entire equity interest in AI chip designer QuantumCompute Solutions Ltd for HK$463 million (about $71.8 million).
In a statement, IBS said it had entered into a share purchase agreement with QuantumCompute Solutions’ shareholder for the acquisition, which, upon completion, will make the target a wholly owned subsidiary.
QuantumCompute Solutions indirectly holds an approximately 85.94% stake in Shanghai Tianjing Fulian, a company focused on designing and developing AI system-on-chip (SoC) products and integrated solutions.
Shanghai Tianjing Fulian is also 5.56%-owned by Foxconn Industrial Internet, which is listed on the Shanghai Stock Exchange.
Shanghai Tianjing Fulian specialises in low-power, cost-effective AI computing and edge computing applications, with capabilities in AI inference and edge-side computing infrastructure.
It is also an officially authorised independent chip design house for Taiwanese semiconductor company MediaTek.
IBS said the proposed acquisition would broaden its business beyond its existing fintech and computing power services, giving it access to AI chip design capabilities, technical talent and technology assets.
The company intends to build an integrated business spanning computing infrastructure, AI chips and AI application solutions.
It cited the growing demand for low-latency, real-time AI computing as a driver for the semiconductor and edge computing markets.
IBS’s board said acquiring an established chip design business could accelerate its entry into the sector and shorten development time compared with building the capabilities internally.
The company has also appointed Dr Tang Tianshen as its chief strategic consultant to advise on the development and operations of its fintech-related businesses.
Tang has held senior positions at technology companies including Intel, Shanghai Hua Hong and Semiconductor Manufacturing International Corp (SMIC).
IBS said the acquisition would provide an opportunity to strengthen its competitive position in the digital economy.
