HK Stock Market Move | Chongqing Sokon Industry Group Stock(09927) rose over 6% in early trading. The company plans to repurchase 1-2 billion yuan worth of A shares and plans to increase capital and expand shares in its subsidiary, Land Electric Technology.

Chongqing Sokon Industry Group Stock (09927) rose more than 6% in early trading. As of press time, it rose 4.56% to 83.7 Hong Kong dollars, with a turnover of 62.3647 million Hong Kong dollars. On the news front, Chongqing Sokon Industry Group Stock announced that the company plans to repurchase the company's issued RMB-denominated ordinary shares (A shares) through centralized bidding trading, and use it to reduce the company's registered capital. The amount of this repurchase is not less than 1 billion yuan and not more than 2 billion yuan. In addition, Chongqing Sokon Industry Group Stock also announced that it plans to increase the capital of its subsidiary Chongqing Lian Electric Technology Co., Ltd., by increasing its registered capital by 680 million yuan. The company will waive its preferential subscription rights to the increase in registered capital, and the amount involved in the capital increase is not more than 7.2 billion yuan. If the current round of capital increase is completed, it is expected that the company's shareholding in Lian Electric Technology will decrease to 32%, and the company will no longer have control over it. The company's financial accounting will change from the cost method to the equity method, which is expected to bring certain investment income to the company.