HK Stock Market Move | INKEVERSE (03700) continues to rise by over 8%, with the stock price doubling since early November. The company has recently received multiple increases in holdings from Kunlun Tech.

INKEVERSE (03700) rose by more than 8% again, the stock has been steadily rising recently, and the stock price has doubled since the beginning of November. As of the time of writing, it has risen by 8.13% to HK$2.26, with a trading volume of HK$88.9058 million. On the news front, Kunlun Tech's wholly-owned subsidiary Kunlun Group Limited has recently increased its stake in INKEVERSE multiple times, with the latest holding ratio at 13.12%. It is reported that at the end of November, Kunlun Tech announced at a closed-door meeting in Beijing that it would invest $500 million to fund 1000 overseas original short dramas. In the first half of this year, INKEVERSE's total revenue was approximately RMB 3.53 billion, a 13% year-on-year increase. Among them, the revenue from short drama business reached RMB 640 million, accounting for 18.2% of total revenue, with a 36% year-on-year growth, becoming the fastest-growing business segment for INKEVERSE. In addition, in March of this year, INKEVERSE announced its intention to potentially purchase cryptocurrencies, with a total amount not exceeding $100 million. Soochow research reports previously pointed out that Kunlun Tech's AI short drama platform SkyReels will be launched in the United States on December 10, further expanding the global AI entertainment market. INKEVERSE's fundamentals are solid, with promising growth in new businesses, achieving a revenue of RMB 3.5 billion in the first half of the year, a 13% year-on-year increase, and outstanding performance in the short drama sector. The company has ample cash on hand and plans to invest in cryptocurrencies to optimize asset allocation and drive the development of WEB3.0 business.