BRIEF: Synagistics forms AI partnership with ByteDance

E-commerce company Synagistics Ltd. (2562.HK) said on Tuesday it will use AI infrastructure supplied by Chinese internet giant ByteDance to create tools to help its merchants boost their productivity.

The collaboration will see Singapore-based Synagistics work with BytePlus, which will supply its Skylark large language models (LLMs) and data analytics tools to help Synagistics develop next-generation enterprise applications tailored for Asian markets, according to their announcement. No financial terms were given for the collaboration.

Synagistics shares were down 5.3% in Tuesday afternoon trading in Hong Kong. Last September the company became the first to list in Hong Kong using a special purpose acquisition company (SPAC), under a stock exchange program launched in 2022. The stock is up about 7% from its close on the first trading day after completion of the SPAC listing.

By Doug Young

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