HK Stock Market Move | INKEVERSE (03700) rose more than 5% during intraday trading. Kunlun Tech's shareholding has now exceeded 15%. The company has shown outstanding performance in the short video field.

INKEVERSE (03700) rose more than 5% during trading, with a cumulative increase of over 190% year-to-date. As of the time of writing, it rose by 3.64% to HK$2.28 with a turnover of HK$31.9946 million. In terms of news, according to documents disclosed by the Hong Kong Stock Exchange on December 23, on December 17, Kunlun Group Limited increased its holding of 20 million shares of common stock in INKEVERSE, worth approximately HK$43.124 million. After the increase, Kunlun Group Limited's new holding ratio rose to 15.12%. It is worth noting that, according to media reports, Kunlun Tech announced in early November at a closed-door meeting that it will invest $500 million to fund 1,000 locally produced short dramas overseas. Soochow pointed out earlier that Kunlun Tech's AI short drama platform, SkyReels, was launched in the United States on December 10, further expanding the global AI entertainment market. INKEVERSE's fundamentals are solid, with expectations for growth in new business. The company achieved revenue of $3.5 billion in the first half of 2024, an increase of 13% year-on-year, with outstanding performance in the short drama sector. The company has ample cash on hand and plans to invest in cryptocurrency to optimize asset allocation and promote the development of its WEB3.0 business.