China Natural Resources, Inc. (NASDAQ:CHNR) experienced a sharp move in its share price Thursday, with stock up roughly 30% after the company disclosed a non-binding letter of intent to acquire a majority stake in HooRii Technology (HK) Limited, a physical AI development company based in Hong Kong.
Under the terms outlined in the LOI, CHNR would purchase 100% of the equity of a wholly owned subsidiary of Feishang Group Limited. That Feishang subsidiary, in turn, holds a 59.79% equity interest in HooRii. The total consideration for the transaction is stated to be between $37 million and $40 million, to be paid through a combination of cash and issuance of company stock.
Conditions and governance steps
The LOI is explicitly non-binding and the announcement makes clear several steps remain before any deal could close. Parties will need to negotiate and execute definitive agreements, complete customary due diligence, and secure required regulatory and corporate approvals. The transaction is also subject to other customary closing conditions.
China Natural Resources said it has formed a special committee composed of all independent directors to review and evaluate the proposed acquisition, a governance step intended to provide independent oversight during the evaluation and negotiation process.
About HooRii
Founded in 2021, HooRii focuses on physical AI development that combines the Internet of Things and artificial intelligence. The company originally concentrated on the Thread protocol, launching both hardware and software that the firm says has supported millions of IoT devices and thousands of developers around the world.
In 2026, HooRii introduced ClawStage, described as the first embodied personal AI built on the OpenClaw architecture. According to the company, that product generated over ten million impressions and attracted more than ten thousand seed users within a month of its launch. HooRii has also raised multiple financing rounds from backers including Plum Venture, Eminence Venture, and PreAngel Venture, with total financing exceeding $7 million.
Strategic intent from CHNR
China Natural Resources, a holding company active in exploration and mining, said it plans to leverage HooRii’s AI and IoT capabilities to streamline mining operations, boost safety measures and reduce costs across its global asset base. The company cautioned, however, that the LOI represents only a preliminary expression of intent and does not guarantee that a definitive agreement will be reached or that the proposed transaction will be completed.
Market reaction
The announcement prompted an immediate market response, with CHNR shares rising about 30% on the Nasdaq on Thursday. Beyond the share move, the company’s next steps will hinge on due diligence outcomes, negotiation of definitive documentation and receipt of all required approvals.