HK Stock Market Move | Shanghai Dazhong Public Utilities (01635) opened nearly 4% higher, and Shenzhen issued a heavyweight policy on mergers and reorganizations. The company has shares in Shenzhen Venture Capital.

Shanghai Dazhong Public Utilities (01635) opened nearly 4% higher, as of the release, it rose by 3.75% to 4.15 Hong Kong dollars, with a turnover of 5.9179 million Hong Kong dollars. On the news front, on October 22, Shenzhen issued an action plan to promote high-quality development of mergers and acquisitions. It aims to comprehensively improve the quality of listed companies in the jurisdiction by the end of 2027, with the total market value of domestic and foreign listed companies exceeding 20 trillion yuan, and cultivate 20 companies with market values exceeding 100 billion yuan. The mergers and acquisitions market has seen both quantity and quality rise, with over 200 completed mergers and acquisitions projects and a total transaction value exceeding 100 billion yuan, landing a number of industry demonstration cases. Publicly available information shows that Shanghai Dazhong Public Utilities became the second largest shareholder of Shenzhen Innovation Investment Group Co., Ltd. ("Shenchuangtou") as early as 2002. The semi-annual report shows that Shanghai Dazhong Public Utilities holds a 10.80% equity stake in Shenchuangtou. The resume shows that the Chairman of Shanghai Dazhong Public Utilities, Yang Guoping, also serves as the Vice Chairman of Shenchuangtou. In addition, in the recent period, Moore's thread quickly went through the hearing process. Enterprise information shows that Shenchuangtou led the Pre-A round of financing for Moore's thread in 2021. Shenchuangtou also made follow-on investments in Yushu Technology in the 2022 Series B round and the 2024 Series B+ round.