HK Stock Market Move | CHANJET (01588) increased by over 14%, controlling shareholders reduced their holdings to release liquidity, and the cloud subscription model has become the mainstay.

CHANJET (01588) rose by more than 14%, up to 14.09% at the time of writing, to 8.5 Hong Kong dollars, with a turnover of 328 million Hong Kong dollars. On the news front, CHANJET announced that its controlling shareholder Yonyou Network Technology informed that Yonyou and its subsidiaries separately sold 28.1351 million and 13.9728 million H shares of the company at a price of 7.6 Hong Kong dollars per share, totaling a reduction of 12.93% of the company's shares. After the sale, Yonyou's shareholding ratio decreased to 53.53%. The board of directors stated that the controlling shareholder Yonyou is confident in the group's business operations, and this sale will deepen the connection with long-term value investors, broaden the shareholder base, and help enhance the liquidity of the company's stock. Sealand pointed out that the cloud subscription model has become the main driver for CHANJET, with the company expanding into the lower-tier markets, adding 86,000 cloud paying enterprise users in the past six months, accumulating a total of 861,000 cloud paying enterprise users.