HK Stock Market Move | CHANJET (01588) surged more than 43% in the afternoon, with investments from Hillhouse Capital and Gaocheng Capital further expanding the shareholder base of the company.

CHANJET (01588) soared more than 43% in the afternoon, rising 17.63% to HKD 10.01 by the time of publication, with a trading volume of 122.503 million Hong Kong dollars. On the news front, on September 17, Hillhouse Capital and Gaorong Capital significantly acquired and increased their holdings in CHANJET. This transaction will help CHANJET introduce long-term value investors with rich experience and resources in the field of technological innovation and enterprise services, further expand its shareholder base, and help improve the liquidity of CHANJET's stock. It is reported that as a member of the UFIDA Group, CHANJET is a leading provider of financial and tax services for small and micro enterprises in China. It is worth noting that CHANJET had previously been reduced by UFIDA by 42.1078 million shares, reducing its stake to about 53.53%. The board of directors stated that the controlling shareholder UFIDA 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 improve the liquidity of the company's stock. Sealand previously pointed out that the cloud subscription model has become the mainstay of CHANJET, with the company focusing on the downmarket and adding 86,000 new cloud-paying enterprise users in the past six months, totaling 861,000 cloud-paying enterprise users.