GoFintech Quantum Innovation (HKG:0290) signed a non-binding strategic cooperation memorandum with QureGenAI (Suzhou) Biotechnology to collaborate on quantum computing and AI-driven drug discovery, according to a May 8 Hong Kong bourse filing.

Shares of the securities brokerage firm were up over 3% in Monday morning trade.

The companies plan to cooperate through a milestone-based licensing model covering quantum computing drug discovery platforms, a quantum frontier technology investment fund, and a quantum computing center in Hong Kong.

The companies aim to finalize a definitive agreement within 90 days of signing the memorandum.