China Natural Resources to Buy 59.79% of HooRii Technology for US$37–40M
China Natural Resources signed a non-binding LOI to acquire 59.79% of HooRii Technology for US$37–40 million in cash and stock, subject to due diligence and regulatory approvals. The deal aims to integrate HooRii’s AI and IoT expertise to optimize CHNR’s mining operations, improve safety and enter the Physical AI market.
1. LOI and Acquisition Terms
China Natural Resources signed a non-binding letter of intent with its principal shareholder to acquire a subsidiary holding 59.79% of HooRii Technology in Hong Kong for an estimated US$37–40 million via cash and stock. A special committee of independent directors will evaluate the proposal before executing definitive agreements.
2. Strategic Shift into Physical AI
This acquisition marks a strategic evolution for the mining company, leveraging HooRii’s physical AI and IoT capabilities to optimize workflows, enhance safety measures, and diversify into the rapidly growing Physical AI sector. Management views this as a means to strengthen core operations while building a technology-enabled growth platform.
3. HooRii’s AI and IoT Capabilities
Founded in 2021 with over US$7 million in funding, HooRii developed Thread protocol-based hardware and software supporting millions of IoT devices and thousands of developers. The company’s ClawStage embodied personal AI, built on the OpenClaw architecture, garnered more than ten million impressions and over ten thousand seed users within its first month.
4. Conditions and Timeline
The LOI is non-binding and conditional on completion of due diligence, regulatory approvals and corporate sign-off. Timing and final terms remain subject to negotiation of definitive documentation and satisfaction of customary closing conditions.