HK Stock Market Move | PATEO (02889) rose more than 7% in the closing session, with the company recently reaching several major cooperation agreements. Institutions are optimistic about the company's performance release.

PATEO (02889) rose more than 7% in late trading, rising 6.36% at the time of writing to 143.8 Hong Kong dollars, with a turnover of 27.1727 million Hong Kong dollars. On the news front, on April 22, PATEO signed a strategic cooperation framework agreement with Horizon Robotics, becoming the first batch of customers to sign up for its cockpit fusion chip "Horizon Stars," and the two sides will collaborate in the field of smart cabins and intelligent driving. On April 23, the company announced a deep cooperation with a leading OEM new energy vehicle company and Nvidia, obtaining designated AI for the next generation of intelligent vehicle models, leading to the provision of an AI BOX "soft and hard" integrated solution and the development of a large-scale model solution based on the Nvidia DRIVE AGX Thor platform. Cathay Haitong released a research report stating that PATEO is deeply cultivating the AI smart cockpit track, relying on its integrated capabilities in software, hardware, and cloud, entering a period of performance release driven by high-end platforms and AI, and possessing both growth potential and valuation elasticity. First coverage, with a "hold" rating.