HK Stock Market Move | ZHIDA TECH(02650) increased by more than 4% to a new high, nearly tripled from the IPO price, the company signed orders worth over 100 million to expand into the Middle East market.

ZHIDA TECH (02650) rose more than 4%, hitting a high of 264 Hong Kong dollars to create a new high for the company, with an increase of nearly 300% compared to the IPO price. As of the time of writing, it is up 3.94% to 263.6 Hong Kong dollars, with a trading volume of 3.1393 million Hong Kong dollars. In terms of news, ZHIDA TECH recently announced that it has signed a sales order worth over 100 million yuan with its local partner, Saudi Controls Ltd, in Saudi Arabia. The two parties will collaborate over the next 5 years, with the company supplying a variety of AC and DC electric vehicle charging station products. This important collaboration marks a strategic step for the company in the Saudi and broader Middle Eastern markets. To meet the increasing demand in the Saudi and Middle Eastern markets, the company plans to complete the production equipment by December 2025 and ship it to Riyadh, with production expected to begin in the first quarter of 2026. The construction of this new factory will make Saudi Arabia the company's manufacturing base in the Middle East, providing high-quality, localized electric vehicle charging products and services. In the future, the company also plans to expand its business to countries such as the United Arab Emirates, Qatar, and Kuwait, further consolidating its market leadership in the Middle East.