HK Stock Market Move | GLOBAL NEW MAT (06616) surges more than 5% again. The stock price has doubled since the end of October. The company recently increased its holdings in Seven Colours Pearl Light shares.

GLOBAL NEW MAT (06616) surged over 5%, with a cumulative increase of over 100% since October 30. As of the time of publication, it rose 4.16% to 9.27 Hong Kong dollars, with a turnover of 76.8911 million Hong Kong dollars. On the news front, GLOBAL NEW MAT recently announced a related transaction, acquiring a 2.57% stake in Seven Colors Pearl at a price of 69.02 million RMB, which will be paid through the issuance of 9.5716 million shares at a price of 8.01 Hong Kong dollars. After completion, the company will hold 99.76% of the shares of Seven Colors Pearl, which is mainly engaged in the production and sales of pearl pigments and mica functional fillers. GLOBAL NEW MAT announced that the business of Seven Colors Pearl continues to grow and has become the core business unit of the group as a whole. The Board of Directors intends to increase its stake in Seven Colors Pearl, aiming to increase its investment return by merging more profits or a higher proportion of profits into the group's financial performance.