HK Stock Market Move | Huaxin Building Materials Group (06655) rose more than 3% recently as its shareholder Huaxin Group plans to invest up to 400 million yuan to increase its holdings in the company's A-shares.

Huaxin Building Materials Group (06655) rose more than 3%, up 2.36% as of the time of writing, at HK$18.22, with a turnover of HK$28.9145 million. On the news front, Huaxin Building Materials Group announced that it had recently received a notification from its shareholder, Huaxin Group, holding more than 5% of the company's shares. Huaxin Group plans to increase its holdings of the company's A shares through the Shanghai Stock Exchange trading system in a centralized bidding trading manner within 6 months from the date of this announcement, with a total increase of not less than RMB 200 million and not more than RMB 400 million. Based on the firm confidence in the company's future development prospects and the recognition of its medium to long-term value, in order to enhance investors' confidence in the company, as well as to increase the company's value, Huaxin Group has decided to implement this share increase.