Shares in internet technology specialist Phorm Corporation (LON:PHRM) shot up in early deals as it unveiled a three-year tie-up with China Telecom, the world's largest wireline telecoms and broadband services provider.
The memorandum of understanding sees the firm become China's preferred strategic partner in the field of 'Big Data' and advertising operations.
"This agreement further reinforces the progress that the company has made since the launch of its commercial operations with three Internet Service Providers (ISPs) in the People's Republic of China as announced on 27 January 2014," Phorm said.
"Phorm is continuing to build its commercial operations and expects to launch with further ISPs in China later this year. The China Telecom group has operations in 31 Chinese provinces and over 100 million broadband customers."
Shares gained 8.89% to stand at 12.25p.