HK Stock Market Move | PATEO (02889) early trading surged nearly 30%, planning to conduct share repurchase in the market with a maximum of 10% of H shares.

PATEO (02889) surged nearly 30% in the morning session, rising 11% as of the press release to 111 Hong Kong dollars, with a trading volume of 28.675 million Hong Kong dollars. On the news front, PATEO announced that a special resolution granting the board authority to repurchase shares was approved at the extraordinary general meeting of shareholders. According to the repurchase authorization, the company is allowed to repurchase up to 10% of the total number of H shares issued, which is approximately 7.1 million H shares. The company plans to repurchase its H shares on the open market from time to time. The company stated that this move aims to promote sustainable operation and development, protect the long-term interests of investors, and maximize shareholder value. Public information shows that PATEO is one of the few top technology companies in China with "software + hardware + cloud" full-stack capabilities. As the company increases its AI layout, it is gradually surpassing the position of traditional hardware integration suppliers and evolving into an intelligent automotive application service provider with AI capabilities at its core. It is worth noting that PATEO was recently included in the Stock Connect program, and the new list took effect on March 9th.