HK Stock Market Move | ZTE Corporation's A-shares rose by the daily limit while its H-shares increased by more than 12%. The company spent 670 million yuan to repurchase nearly 20 million A-shares.

ZTE Corporation's A-shares surged in the afternoon, with A-shares hitting the daily limit up and H-shares rising by 11.71% to HK$27.48 with a trading volume of HK$870 million. On the news front, ZTE Corporation announced that on May 27, the company implemented its first buyback of A-shares, repurchasing 19.2591 million shares, accounting for 0.40% of the total share capital, at a total cost of RMB 670 million. It is reported that ZTE Corporation announced a buyback plan in December last year, aiming to allocate RMB 1 billion to RMB 1.2 billion for the repurchase of A-shares. The first quarterly performance of ZTE Corporation showed that the revenue of its computing products accounted for 27%. Sinolink pointed out that the company is firmly implementing the "AIforAll" strategy, building an end-to-end AI capability system driven by "Connectivity + Computing Power". With the economies of scale of computing products becoming evident, the enhancement of the bargaining power of the supply chain, and the continuous delivery of smart projects in industries such as the Internet, finance, and electricity, we believe that the company's profit structure is expected to improve quarter by quarter.