HK Stock Market Move | LIANLIAN (02598) rises more than 7%; the sale of a portion of the equity in Liantong Company is expected to share the long-term development dividends of the joint venture company.

LIANLIAN (02598) rose more than 7%, rising 7.31% to HK$9.25 as of press time, with a turnover of HK$20.9642 million. On the news front, LIANLIAN recently announced the sale of a portion of its equity in joint venture bank card clearinghouse LianTong. Zhongjin believes that selling a portion of LianTong's equity will help LIANLIAN achieve investment returns and reallocate resources to develop its core business. At the same time, American Express continues to increase its investment in LianTong, indicating its optimism towards Bank Of China's card clearing business and its focus on LianTong. Leveraging American Express's globally leading brand effect and operational advantages may promote the better development, rapid market expansion, and consolidation of customer resources for LianTong. It is worth mentioning that LIANLIAN's wholly-owned subsidiary DFX Labs recently obtained a Virtual Asset Trading Platform License (VATP) from the Securities and Futures Commission of Hong Kong. The license allows DFX Labs to conduct regulated activities in Class 1 (securities trading) and Class 7 (automated trading services) in Hong Kong, ensuring compliance of its Virtual Asset Trading Platform (VATP). Zhongjin believes that obtaining the Hong Kong Virtual Asset Trading Platform license may enhance payment efficiency and potentially bring incremental new business opportunities.