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Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to announce that it has signed a letter of intent to acquire a minority stake in a Beijing-based data technology company, Huakong TsingJiao Information Science (Beijing) Limited (TsingJiao). The proposed deal is part of HKEX’s strategic focus on developing its data and technology offering.
TsingJiao specialises in the research and development of Multi-party Computation (MPC) technologies. MPC is a subfield of cryptography that seeks to allow collaborative data analysis without revealing private data during the analysis process.
TsingJiao is backed by the prestigious Tsinghua University, which is a key shareholder. TsingJiao’s research and development team is led by its chief scientist, Professor Andrew Chi-Chih Yao, the 2000 ACM A.M. Turing Award winner and founder of Tsinghua’s Institute for Interdisciplinary Information Sciences.
“We firmly believe that data will soon become a new asset class for financial markets, and we are delighted to partner with TsingJiao to help us realise our vision of building a data marketplace,” said HKEX Chief Executive Charles Li.
HKEX has identified MPC technologies as a highly credible, reliable and practical solution in helping address key issues over data ownership, data security and privacy. HKEX believes that a strong and effective MPC technology platform is an enabling building block of its future data marketplace.
“Technology Empowered is one of the three cornerstones of HKEX’s latest Strategic Plan, and this proposed partnership follows our recent investments in a Shenzhen-based technology business, and our minority investment in a new Hong Kong virtual bank,” said Mr Li.
The transaction is subject to the signing of binding agreements. The parties intend to complete the transaction in the fourth quarter of 2019.
