Chinese tech firm forges strategic partnership with smart contract provider Symbiont

Symbiont, a smart contracts platform for institutional applications of distributed ledger technology, has forged a strategic partnership with Chinese software giant Hundsun Technologies Inc.

According to a press release, the deal includes an investment in Symbiont's Series A-1 round — Hundsun's first in both the United States and in distributed ledger technology. Symbiont's board of directors granted Hundsun a board observer seat.

Hundsun is the dominant financial technology company serving China's institutional securities, banking and insurance industries. Publicly traded on the Shanghai Stock Exchange, its market capitalization is approximately 24 billion yuan ($3.5 billion).

The strategic partnership brings Symbiont smart contracts software to Hundsun's extensive customer base in China and Hong Kong, including both public and private securities markets.

"We selected Symbiont because of its superior, mature and highly differentiated DLT stack," Hundsun Executive President Guan Xiaolan said in the release. "Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic such as highly tailored employee compensation waterfalls for private companies."