HK Stock Market Move | ZTE Corporation (00763) afternoon gains narrowed to less than 4%, ByteDance denies collaborating with ZTE Corporation to establish a new brand.

ZTE Corporation (00763) surged to the daily limit in A-shares trading, with H-shares rising more than 9% at one point before narrowing the gains in the afternoon. As of the time of writing, ZTE Corporation's A-shares were up over 6%, while H-shares rose by 3.35% to HKD 20.05, with a trading volume of HKD 1.321 billion. On the news front, according to the Science and Technology Innovation Board Daily, in response to rumors about cooperation between Douyin and ZTE for a new brand, a Douyin spokesperson stated that the news was not true. Douyin has cooperated with many mobile phone brands, but has not discussed the possibility of establishing a new brand with ZTE Corporation, nor is there any related chip cooperation. Furthermore, based on information from China Telecom Corporation's Sunshine Procurement website, China Telecom Corporation recently announced the first batch of candidates for the 24-25 FTTR equipment centralized procurement for the next 25 years, with Huawei, ZTE Corporation, Sichuan Tianyi Comheart Telecom, Fiberhome Telecommunication Technologies, and TeYi China ranking 1-5. According to the November procurement tender announcement, the total scale of the 24-25 FTTR centralized procurement for China Telecom Corporation is 12 million sets, with the current procurement being only the first batch. In addition, there are expectations for large-scale FTTR centralized procurement for the years 2024-2025 by China Mobile and China Unicom.