HK Stock Market Move | PATEO(02889) rose more than 16% in the afternoon, becoming one of Horizon Aerospace's first signed customers and entering into a strategic partnership with Horizon Aerospace.

PATEO (02889) rose more than 16% in the afternoon, with a cumulative increase of over 40% in the past two days. As of the time of writing, it rose 12.65% to HK$172.7, with a turnover of HK$529 million. On the news front, on April 22, at the domestic first vehicle intelligent core chip Horizon Star Sky product launch event of PATEO, a signing ceremony was held with Horizon, becoming the first batch of signed customers of Star Sky. Meanwhile, the company signed a strategic cooperation agreement with Horizon. The two parties will combine their complementary advantages in the field of intelligent automobiles to promote the integration and innovation of AI technology in intelligent cabins, intelligent driving, and Siasun Robot & Automation, jointly creating a platform-level solution for automobile intelligence and localization. It is worth noting that on April 9, PATEO 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 an intended credit of 2.5 billion RMB. 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 2.5 billion RMB intended credit will be mainly used to support the company's future strategic mergers and acquisitions and high-speed growth in internal demand.