MyEG makes third investment in Chinese-based firm

TheEdge Wed, Apr 10, 2019 10:33pm - 4 years View Original

KUALA LUMPUR (April 10): My E.G. Services Bhd (MyEG) is investing 15 million yuan (RM9.1 million) in HiScene (Shanghai) Information Technology Co Ltd. 

The e-government service provider said in a statement that its investment arm MyEG Capital Sdn Bhd had signed an agreement with HiScene for the investment in augmented reality (AR) products and services.

This marks MyEG’s third investment in a Chinese-based company. Earlier this month, it announced a RM6.1 million investment in Chinese edtech company Jingle Magic, while last year, it invested a 3.125% interest in Guangzhou-based mobile and AR developer Ximmerse. 

Joining MyEg in the latest investment in HiScene are Suzhou GGV Yuanxing Equity Investment Partnership (Limited Partnership), Xiamen Meitu Network Technology Co Ltd, Ondine Capital, and a few other Chinese investors,” MyEG said.

Founded in 2012 with headquarters in Shanghai and branches in Beijing, Guangzhou, Shenzhen, Kunming and Silicon Valley, HiScene is a world leading provider of AR products and services, which owns independently-researched-and-developed Artificial Intelligence (AI) core technologies like computer vision, deep learning and intelligent interaction, as well as integrated software and hardware. HiScene also provides platform level industry solutions.

Using the core idea of “Integrated Terminal and Cloud”, HiScene was at the forefront of launching the SAAS mode of enterprise-level AR cloud services in the industry, and AR intelligent glasses called HiAR Glasses, the statement added. 

MyEG Capital’s portfolio of investments also include a variety of technology businesses, including FashionValet, Agmo Studio and Stampede Solutions.

Shares of MyEg rose two sen or 1.27% to close at RM1.60 today, giving it a market capitalisation of RM5.58 billion. The counter was among the most actively-traded stock in Bursa Malaysia, with some 37.04 million shares exchanging hands.

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