HK Stock Market Move | PLOVER BAY TECH (01523) rose by over 6% in the afternoon with SpaceX expected to go public next month. The company's subsidiary, Peplink, is tied to Starlink sales.

PLOVER BAY TECH (01523) rose more than 6% in the afternoon, closing up 5.28% at HKD 8.97, with a turnover of HKD 1509.07 million. On the news front, SpaceX is significantly speeding up its IPO process and is expected to officially start trading on June 12th. In addition, PLOVER BAY TECH announced in February of this year that the company is seeking to spin off its entities and independently list on the Nasdaq. The company has submitted a proposal for the proposed spin-off to the Stock Exchange based on Application Proof 15, and the Stock Exchange has approved the company's proposed spin-off. Public information shows that in January 2024, PLOVER BAY TECH's main brand Peplink announced an agreement with SpaceX's Starlink to become the first authorized technical service provider. Global Rich Prosperity previously released a research report stating that the shipment volume of Starlink products is expected to increase significantly by 2025, which has also driven sales of Peplink products as the company's authorized Starlink distributors typically sell the company's products together with Starlink products as solutions.