HK Stock Market Move | Shanghai Electric Group (02727) rises more than 11%, with the company's A-shares hitting the daily limit. Previously, the company acquired a 50% stake in Siasun Robot & Automation.

Shanghai Electric Group (02727) rose more than 11%, with its A shares hitting the daily limit. As of press time, it rose by 11.7% to 3.15 Hong Kong dollars, with a turnover of 564 million Hong Kong dollars. On the news front, according to Shanghai Electric Group, the China Three Gorges Renewables large-scale compressed air energy storage system and key equipment development and application demonstration project, the 110 kV boosting substation project in Huaide County, Ulanqab City, Inner Mongolia, has successfully delivered electricity. This marks the official entry of the world's first high-altitude region compressed air energy storage power station into the grid commissioning phase. The project is one of the first batch of independent energy storage demonstration projects on the grid side in Inner Mongolia, with Shanghai Electric Group's subsidiary Shanghai Electric Group Jiangsu Integrated Energy Services Co., Ltd. as a major participant. Last October, Shanghai Electric Group announced that its wholly-owned subsidiary, Automation Group, plans to acquire 100% of Ning Sheng Industrial Co., Ltd. held by Electrical Holdings in cash. The core assets of Ning Sheng Industrial include a 50% stake in Shanghai Fanuc Siasun Robot & Automation Co., Ltd. It is worth noting that rumors about the giant domestic photolithography company Shanghai Micro Electronics "backdoor listing" have been closely watched by the market. It is reported that Shanghai Micro Electronics entered the listing counseling process in December 2017 and withdrew its IPO application in October last year, facing obstacles in the listing process. Some industry insiders speculate that it may choose a backdoor listing to go public. It is understood that the parent company of Shanghai Electric Group is Shanghai Electric Group Holding Group Co., Ltd., which is the largest shareholder of Shanghai Micro Electronics.