HK Stock Market Move | RELIANCE GLO HL (00723) rose more than 23% in midday trading and reached a cooperation agreement with Guangxi Fenglin Wood Industry Group to jointly explore the European Union's engineered board market.

RELIANCE GLO HL (00723) rose over 23% in midday trading, up 7.27% as of press time, at 0.295 Hong Kong dollars, with a turnover of 19.2938 million Hong Kong dollars. On the news front, RELIANCE GLO HL announced that its subsidiary, Huatong Resource, has signed a cooperation agreement with Guangxi Fenglin Wood Industry Group (601996.SH). The two parties plan to jointly develop the EU artificial board and related product market during the cooperation period, enhance their market share and brand influence in the EU; establish an efficient EU sales and service network to provide customers with quality products and services; explore deeper industrial cooperation, including but not limited to establishing sales points, product consignment sales, supply chain integration, and potential joint venture factory establishment. The announcement states that Guangxi Fenglin Wood Industry Group has authorized Huatong Resource to act as the regional agent for the company's artificial board products in Romania, Serbia, Croatia, Germany, France, and Italy within the EU region during the cooperation period.