Asia Tech Wire (Oct 23) -- Chinese smartphone maker OPPO has acquired Hangzhou-based AI startup AIWaves, according to the latest market news.

The two parties are said to have recently finalized their acquisition talks.

Jiang Yuchen, the founder and CEO of AIWaves, as well as the core members of the company will be joining OPPO.

However, the company has not completed the delivery of the employee agreement, and is still in the negotiation stage.

For the acquisition, OPPO said that there is no more information to provide, while AIWaves said it is not convenient to respond, and there is no news to share for the time being.

In addition, a source from AIWaves confirmed the acquisition to a Chinese media outlet, saying that the company and its products continue to operate.