HK Stock Market Move | AGTECH HOLDINGS (08279) surges over 16% again. The company collaborates with HKEX to develop an international precious metals trading platform and settlement system.

AGTECH HOLDINGS (08279) rose by more than 16%, with a cumulative increase of over 100% after the holiday. As of the time of writing, it rose by 9.89%, to 0.5 Hong Kong dollars, with a trading volume of 11.72 million Hong Kong dollars. On the news front, on February 20, Hong Kong Financial Services and Treasury Bureau Deputy Director Chen Haolian stated at the Hong Kong Gold Exchange Lunar New Year opening ceremony that the SAR government is actively promoting Hong Kong to become an international gold trading center in order to further diversify the development of Hong Kong's international financial business. This includes attracting gold spot storage, clearing and delivery in Hong Kong, driving the vibrant development of investment trading, derivative products, warehousing, insurance, trade, and logistics industries. HKEX Chairman Zhang Dexi also mentioned that the Shanghai Gold Exchange is participating in the newly established Hong Kong Gold Central Clearing System, which will enhance the reliability of delivery. The connection between China Mainland and Hong Kong's gold markets is expected to be realized soon. It is believed that the Central Clearing System established by the Hong Kong government will help to reduce gold trading costs, enhance stability and security. It was also announced a formal partnership with Alibaba's subsidiary Yunbo Technology to develop an international precious metals trading platform, clearing system, and digital commodity blockchain.