(June 20): Billionaire Li Ka-shing’s firm bought a minority stake in a Hong Kong start-up founded by a former JPMorgan Chase & Co banker, becoming the biggest institutional shareholder of the robotics-driven warehouse operator.
NEXX Global Ltd, set up in February by Houston Huang, a former chief executive officer of JPMorgan’s securities firm in China, attracted Li’s CK Asset Holdings Ltd as the first strategic shareholder in its pre-series A funding round, people familiar with the matter said.

The partnership aims to bolster the artificial intelligence (AI) capability of the logistics and supply chain management service provided by NEXX. The unspecified funding round will help the Hong Kong start-up expand its services into Southeast Asia, Europe and the US this year, the people said, asking not to be identified discussing a private matter.

NEXX’s founding team also includes two people from the logistics industry in Hong Kong, and a local university AI scientist.

Li, Hong Kong’s richest businessman, made his fortune investing in businesses spanning ports, retail, infrastructure and telecommunications through his flagship conglomerate CK Hutchison Holdings Ltd.

The port services provider last year signed an agreement with Shanghai Westwell Technology Co, a Chinese developer of AI chips for autopilot control systems, for 100 battery-powered autonomous trucks at the port of Felixstowe, Britain’s biggest container port.

Uploaded by Tham Yek Lee