HK Stock Market Move | INKEVERSE (03700) rose more than 7%. The company previously planned to invest $100 million in cryptocurrencies, and its short video business is rapidly growing.

INKEVERSE (03700) rose by more than 7%, reaching a 7.41% increase at the time of publication, with a price of 1.45 Hong Kong dollars and a turnover of 26.45 million Hong Kong dollars. In terms of news, benefiting from the continuous strength of the Bitcoin price, related concept stocks in the Hong Kong stock market have risen. On November 18, Bitcoin rose to 91,000 US dollars per coin, an increase of 1.24% within the day. In March of this year, INKEVERSE announced that the board of directors had approved a budget of 100 million US dollars to purchase cryptocurrencies on any regulated and licensed trading platform within the next five years from the date of the announcement. In the first half of this year, INKEVERSE's total revenue was approximately 3.53 billion yuan, an increase of 13% year-on-year. Among them, revenue from short microdrama business reached 640 million yuan, accounting for 18.2% of total revenue, with a year-on-year growth of 36%, becoming the fastest-growing business segment for INKEVERSE. Hong Kong Exchanges and Clearing Limited data shows that on November 13, the company's major shareholder Kunlun Group Limited increased its holdings of INKEVERSE by 5 million shares at a price of 1.3697 Hong Kong dollars per share, increasing its latest shareholding ratio to 11.15%.