Bairong Inc (“Bairong” or “the Company”, 6608.HK), a leading independent AI-powered technology platform in China, announced lately that it has reached an agreement to acquire 52% of the equity interest in Beijing All Union Technology Corp. with RMB155.99 million.
Beijing All Union Technology is a leading comprehensive solution service provider in China that assists banks in carrying out intelligent user operations. It has developed an intelligent routing distribution platform that connects banks, users, scenarios, and merchants and a one-stop cloud equity SaaS platform. Beijing All Union Technology was awarded various titles and honors including high-tech enterprise, specialized new enterprise and gazelle enterprise etc., as a recognition of its industry and technology advantages. Since its establishment, Beijing All Union Technology has established strategic partnerships with major state-owned and large joint-stock commercial banks, China UnionPay, and leading Internet companies with more than 10 national banks in China as its paying clients.
“We are pleased to reach the agreement to acquire the majority of shares in Beijing All Union Technology,” said Zhang Shaofeng, Chairman and CEO of Bairong. “The acquisition will be beneficial to both companies. With our sales network and solid relationship with more than 5,000 financial institutions, we can help Beijing All Union Technology quickly develop new clients. By leveraging the leading one-stop cloud equity SaaS intelligent operation platform of Beijing All Union Technology, Bairong can further expand intelligence operations and better support our financial services provider clients in maintaining their customers’ loyalty and attracting new customers so as to achieve more robust growth.”
Facing the rapid growth of the digital economy, financial services providers in China have an urgent need to digitalize their operations and transfer their business from offline to online.
“Beijing All Union Technology has its technology advantages and rich experience in China’s financial services industry,” added Zhang. “The acquisition will enable us to upgrade client’s user operations, expand our business layout and further improve our digital service capabilities, so we can better meet the growing demand from our clients and tap the potentially huge market opportunities.”