HK Stock Market Move | Shanghai Dazhong Public Utilities (01635) fell more than 7% at the end of the session. The company stated that the short-term price increase was too large and that there have been no major changes in the fundamentals.

Shanghai Dazhong Public Utilities (01635) rose in the early trading session but fell back later, with the decline expanding by over 7% at the closing. As of the time of writing, it was down by 6.87%, trading at 4.2 Hong Kong dollars with a total turnover of 7.74 billion Hong Kong dollars. On the news front, Shanghai Dazhong Public Utilities announced that the company's stock price has seen a significant short-term increase, with the stock price rising sharply for four consecutive trading days on September 29, September 30, October 9, and October 10, accumulating to a total increase of 33.74%. This poses a trading risk as there has been no significant change in the company's fundamentals, indicating a possibility of market sentiment overheating and irrational speculation, leading to a substantial increase in trading risks and the risk of a significant short-term decline. It is reported that the market has been enthusiastic about the concepts of Yushu and Moore's Law. Dazhong Public Utilities stated on its interactive platform that the company has a stake in Deep Venture Capital, which in turn holds shares in Yushu Technology. Yushu Technology is expected to submit its listing application to the stock exchange in the fourth quarter of this year. In addition, Moore's Law's Science and Technology Innovation Board IPO application has been approved by the Shanghai Stock Exchange Listing Committee, and after its establishment, it has received investments from multiple institutions, including Deep Venture Capital.