HK Stock Market Move | Hainan Drinda New Energy Technology (02865) surged more than 6% at the opening, as Musk supports space photovoltaics. The company plans to invest in Starwing Energy.

Hainan Drinda New Energy Technology (02865) surged 51% on the previous trading day and continued to rise over 6% today. As of the time of writing, it has increased by 6.05% to HK$41.36, with a turnover of HK$31.08 million. On the news front, on January 22, Tesla CEO Elon Musk endorsed space photovoltaics during a dialogue with BlackRock CEO Larry Fink at the Davos World Economic Forum annual meeting in Switzerland, and disclosed key production capacity plans. He stated that SpaceX and Tesla are working together to enhance the production capacity of CECEP Solar Energy, with the goal of achieving an annual manufacturing capacity of 100GW of CECEP Solar Energy within the next three years. It is worth noting that Hainan Drinda New Energy Technology announced on January 14 that it plans to invest RMB 30 million in cash to become a shareholder of Shanghai Xingyi Zhejiang Sunoren Solar Technology Co., Ltd., subscribing to an increase of RMB 461,539 in the registered capital of Xingyi Xinneng and acquiring 16.6667% of its equity, initiating a strategic extension from ground photovoltaics to space photovoltaics. The company subsequently announced on January 23 that the cost effectiveness of perovskite photovoltaic technology in extreme space environments still needs to be verified, and has not yet signed a formal business agreement on space photovoltaics with its affiliated company Xingyi Xinneng.