HK Stock Market Move | HONGHUA GROUP (00196) rises more than 7% and signs a drilling rig sales agreement worth over 100 million US dollars with Middle Eastern customers.

HONGHUA GROUP (00196) rose more than 7%, as of the time of publication, up 7.39% at HKD 0.218, with a turnover of HKD 1.5739 million. On the news front, HONGHUA GROUP announced that its subsidiary, Sichuan Honghua, has recently signed a drilling rig sales agreement with a Middle Eastern customer for a total amount exceeding US$100 million. Sichuan Honghua will provide the customer with several sets of desert fast-moving drilling rig equipment. The company believes that the signing of the sales agreement demonstrates that the company's innovative and safety-focused business philosophy has helped the group gain customer recognition in a competitive market. The high-quality service and equipment operation stability and safety have made the company an important partner to top clients in the oil and gas industry.