This subsidiary holds, directly or indirectly, 59.79% of the equity interest in HooRii Technology (HK) Limited, a Hong Kong-based limited liability company focused on physical AI development by integrating IoT and artificial intelligence to apply AI in the physical world.
Under the Letter of Intent, the total consideration for the acquisition is expected to be between US$37 million and US$40 million, payable through a combination of cash and stock issuance.
This acquisition marks a significant strategic shift for CHNR, supporting the company’s goals to enhance its core mining operations with AI and to develop a scalable growth platform in advanced AI and IoT technologies.
CHNR intends to use HooRii’s AI and IoT capabilities to improve mining processes, increase safety, and reduce costs across its global operations. Additionally, the company plans to leverage HooRii’s technology to enter the expanding physical AI market, thereby diversifying beyond its traditional resource business.
The company has formed a special committee made up of all independent directors to review and assess the acquisition.
Wong Wah On Edward, CEO of CHNR, said, “As a company with experience in traditional industries, we understand that adopting AI is essential. This proposed acquisition would speed up our transformation by integrating HooRii’s technology into our mining operations and opening new revenue opportunities in the growing physical AI sector. We aim to combine our established strengths with the flexibility of a technology-driven future.”
 has signed a non-binding Letter of Intent to acquire a subsidiary holding a majority stake in HooRii Technology (HK) Limited, a company specializing in physical AI through IoT and artificial intelligence.){kind=link}