HK Stock Market Move | PATEO (02889) rose more than 30% in early trading. The company recently received a strategic credit line of 2.5 billion and reached a strategic cooperation agreement with Shanghai Jiaotong University.

PATEO (02889) rose more than 30% in early trading, and as of the time of writing, it increased by 29.15%, reaching 143.1 Hong Kong dollars, with a turnover of 1.42 billion Hong Kong dollars. On the news front, on April 9th, PATEO officially signed a comprehensive strategic cooperation agreement with China Minsheng Banking Corp., Ltd. According to the agreement, China Minsheng Banking Corp., Ltd. agreed to provide PATEO with a tentative credit of 2.5 billion yuan. The core of this strategic cooperation is to accelerate PATEO's strategic layout in the field of mergers and acquisitions through strong financial support. The tentative credit of 2.5 billion yuan will be mainly used to support the company's future strategic mergers and acquisitions and high-speed growth of internal demand. It is worth noting that on April 10th, PATEO announced the signing of a strategic cooperation framework agreement with Shanghai Jiao Tong University Institute of Artificial Intelligence Operating Systems. The two sides will deeply integrate resources from various parties involved in "industry, academia, research, and application", using the open source Hongmeng as a technological base, to jointly promote innovation breakthroughs in the area of smart devices and build a fully independent and controllable innovative ecosystem for smart devices.