Hollwin Urban Operation Service (HKG:2529) agreed to acquire a smart city technology firm for 49.5 million yuan, according to an April 17 Hong Kong bourse filing.

Shares of the urban service and operation provider were up nearly 2% in Monday morning trade.

The company will purchase the entire equity interest in Hunan Liwei Zhongtian Technology Development from its controlling shareholder, Changsha Urban Development Group, and five individual shareholders.

The target provides intelligent systems engineering, smart city construction, and software development services.

The consideration will be paid in cash in stages, with 70% due at completion and the remainder subject to profit and receivables recovery targets over three years.

Hollwin said the acquisition will strengthen its smart city capabilities and support its expansion into technology-driven urban services.