Shares of Global Engine Group Holding Limited (NASDAQ:GLE) surged 90% on Thursday after the Hong Kong-based ICT solutions company disclosed a strategic memorandum of understanding with satellite technology firm Angkasa-X Holdings Corp.
The non-binding MOU sets the framework for development of a Space-to-AI digital infrastructure platform. According to the announcement, the collaboration will seek to integrate satellite services, global data infrastructure and blockchain technology to create an offering combining communications, earth observation, cloud capacity and AI-enabled applications.
Global Engine Group brings digital-infrastructure capabilities to the partnership while Angkasa-X contributes a Low Earth Orbit satellite network. The companies said they will leverage Angkasa-X’s A-SEANLINK LEO satellite constellation to extend information and communications technology services to underserved markets across Southeast Asia, Africa, Latin America, South Asia and the Middle East.
Under the terms described in the MOU, the partners will explore combined solutions that include satellite communications, earth observation data, cloud infrastructure, blockchain-based data systems and artificial intelligence applications. Angkasa-X has named Global Engine Group as the edge datacenter provider for ground stations to be located in Malaysia and Indonesia.
Both firms plan to carry out feasibility studies and to deploy a proof of concept within three to six months of signing the memorandum. The announcement emphasised that the agreement is non-binding and that further steps depend on the outcome of planned studies.
Commenting on the collaboration, Andrew Lee, CEO and Chairman of Global Engine Group, said: "This cooperation is expected to be a pivotal milestone for GLE’s expansion into Southeast Asia. By integrating Angkasa-X’s satellite infrastructure, we plan to enhance our portfolio with high-value, satellite-enabled intelligence."
Dato' Dr. SEAH Kok Wah, CEO and Chairman of Angkasa-X, framed the partnership as a building block for what he called an "Equatorial Space Network," noting the A-SEANLINK system is designed to connect more than 80 countries and over 3.8 billion people across the near-equatorial region.
This agreement outlines technical and commercial cooperation but leaves material execution and timelines subject to confirmation through feasibility work and the planned proof of concept. Market reaction was immediate, with a sharp intraday price move following the announcement.