HK Stock Market Move | PATEO (02889) rose over 10% in late trading; directors and senior management voluntarily committed to a lock-up; the company reached a global supply partnership with Jeep.

PATEO (02889) rose over 10% in late trading. As of press time, it was up 8.43% at HK$47.06, with a turnover of HK$23.5704 million. On the news front, PATEO announced that, in order to further demonstrate the firm confidence of the directors and senior management in the group's long-term business development and intrinsic value, and to stabilize investor expectations, executive directors Ying Zhenkai, Zhang Fukai, Xu Zhenhui, Lai Weilin and employee director Zhang Yi have made written voluntary lock-up undertakings to the company that, within 12 months from the date of the announcement, they will not sell, transfer, dispose of, or in any way create any other encumbrance affecting their interests over the shares beneficially owned by them or held through the employee incentive platform. It is worth noting that PATEO has recently reached a global supply partnership with Jeep to provide designated high-end smart cockpit domain controllers and AI in-vehicle interaction system services for models of its two major brands, which will cover core overseas markets such as Europe, the Middle East and South America, helping mainstream brands under Stellantis Group accelerate their global intelligent transformation.