Baidu Shares Are Trading Higher On China Huaneng Collaboration For Smart Energy Future In China

Baidu Inc (NASDAQ: BIDU) and China Huaneng Group Co., Ltd. inked a memorandum of understanding (MoU) to trigger the energy industry’s intelligent transformation.

• Baidu will leverage its abilities in AI-powered new infrastructure to assist Huaneng closely in assimilating the digital economy with the energy and power industry towards the enhancement of efficiencies and users’ experience under the agreement.
• Baidu and Huaneng will develop a new generation automated and intelligent financial shared services platform and cooperate to apply AI and big data technologies to the energy and power field. Additionally, the partnership will strive to provide digitized, intelligent, and Internet-connected energy-related data services towards the smart up-gradation of China’s energy industry.
• “It is hoped that Huaneng will give fully play to its leading position in the energy industry and its advantages in a wide range of industry scenarios, and Baidu will make full use of its technological advantages in AI, big data, and cloud computing to strengthen all-round cooperation and support the digital and intelligent upgrading of the energy industry,” said Baidu CTO Haifeng Wang.
• Baidu is expected to support Huaneng as it builds a financial shared services center by developing an automated and intelligent financial shared services platform towards an integrated digital system for finance. Additionally, Baidu will help develop a platform for independent and free exchanges of energy data, a professional-level database for the industry, and a modern energy SaaS (software as a service) system.
• Price action: BIDU stock has gained 4.14% at $294.99 in the pre-market session on the last check Monday.