HK Stock Market Move | DALIPAL HLDG(01921) opened more than 10% higher, signed a cooperation memorandum with MCC Jingcheng on Saudi investment in the construction of research and development center.

DALIPAL HLDG (01921) opened over 10% higher, as of the time of writing, it is up by 10.3%, trading at 7.6 Hong Kong dollars, with a turnover of 577,600 Hong Kong dollars. In terms of news, DALIPAL HLDG announced that its wholly-owned subsidiary Dalip International has signed a memorandum of cooperation with MCC Jingcheng Engineering Technology. Dalip International will entrust MCC Jingcheng to undertake the overall design of the research and development center, smart center, manufacturing center, energy center, etc. that the company will invest in and construct in SPARK, Saudi King Salman Energy City, as well as 3D design of production processes and engineering construction and management. According to feasibility studies and memorandums, the project will be built in two phases, with a total design production capacity of 1.1 million tons per year. The first phase will have an investment of 600 million US dollars, starting construction in September 2025 and going into operation in March 2028. It is designed to produce 300,000 tons per year, with main products including various OCTG and hydrogen transport pipes, which will be mainly sold to international markets such as the Middle East and Africa.