HK Stock Market Move | SHIMAO SERVICES (00873) rose more than 13% once, the company expanded 12 projects in the market in September, and its affiliate established a joint venture to develop the charging station business.

SHIMAO SERVICES (00873) rose more than 13% at one point, reaching a 7.07% increase to HKD 1.06 by the time of publication with a trading volume of HKD 2.8246 million. In terms of news, on October 17th, SHIMAO SERVICES announced the expansion of third-party market development in September, including the development of 12 projects in residential, government logistics, industrial parks, corporate logistics, urban complexes, and school formats. In the residential sector, SHIMAO SERVICES expanded projects such as Cloud Mansion in Hangzhou, Moiety Courtyard in Chongqing, and Vanke Park in Sanya, Hainan. Additionally, on October 31st, the indirect wholly-owned subsidiary of Shimao Services, Chengdu World Trade Service, entered into an investment agreement with a joint venture partner to establish a joint venture company for the construction, installation, operation, and investment in electric vehicle charging stations and related businesses in China. The registered capital is RMB 400 million, with Chengdu World Trade Service contributing RMB 196 million (49% stake) and the joint venture partner contributing RMB 204 million (51% stake).